The recent slide in WTI pricing has not been kind to the Canadian dollar. However, last week’s hawkish move from the BoC has helped the Loonie hold its own against the USD.
Today's bullish pressure may bring a short from just beneath topside resistance near the 1.3200 handle into play. Here is the plan:
1)Entry: Sell 1.3196 2)Profit Target: 8-12 pips 3)Stop Loss: 8-12 pips, depending upon profit target 4)Risk Vs Reward Ratio: 1/1
The USD/CAD is trending higher on intraday timeframes as WTI crude falls beneath the $67.50 handle. A moderate profit target is the best idea against the intraday trend.