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With oil prices going to the floor, I am seeing no reason for any strength in the Loonie. Risk sentiment is recovering right now which should be USD supportive.
There is a NIce little demand zone right in the 38.2 pull back of today's rally on the 15m chart. I have a stop set below 61.8 and looking to take pips at the 127 extension. I am am in so we will see how she goes this afternoon.... It's Afternoon here in South Africa. OANDA:USDCAD
There is a NIce little demand zone right in the 38.2 pull back of today's rally on the 15m chart. I have a stop set below 61.8 and looking to take pips at the 127 extension. I am am in so we will see how she goes this afternoon.... It's Afternoon here in South Africa. OANDA:USDCAD
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Also there is a nice previous support level @1.3220 Therefore solid fundamentals and 3 technical reasons for the trade.
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Got clipped by CPI volatility. To be honest I didn't expect it to spike 60 pips. A little frustrating to get stopped by 10 pips for it to hit targets. In review A solid Fundamental trade, everything went as predicted except the volatility on CPI. Catch you next week.... I don't see oil producing a miraculous recovery so loads of opportunity on this pair. I think whats important to take away here is that the process was solid. Solid Fundamentals, Solid Technicals, Solid Risk Management. I am not immune to Negative R/R but my conviction needs to be super strong. On this position I had medium conviction. (CPI was weighing on my mind).
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