The Loonie is holding strong today, despite risk-off trading elsewhere as oil is supporting the Canadian currency.
However, longer-time frames seem oversold and this could be a good day for traders to take profits from the recent rally on the Canadian dollar. The USDCAD pair failed to post a new low today and the CAD might start depreciating with other higher-yielding currencies. Thus, we will try to take this short-term trend with a small SL. Lets see.
However, longer-time frames seem oversold and this could be a good day for traders to take profits from the recent rally on the Canadian dollar. The USDCAD pair failed to post a new low today and the CAD might start depreciating with other higher-yielding currencies. Thus, we will try to take this short-term trend with a small SL. Lets see.
Trade closed manually:
Exiting at BE as markets are quickly reversing.