minyangshi9409
Long

Await clear trading signal

FX:USDCAD   U.S. Dollar / Canadian Dollar
The market is silent before FOME's meeting and Powell's speech. Although the price of crude oil is continuously climbing, the market is growing the concerns about Canadian's economy. Growth slowed but business and public spending remained positive. However, there continued to be considerable uncertainty around consumption outlook, given fall in house prices. Canadian economy is as weak as Australia encumbered by risky real estate, which indicates tightening monetary policy will be over soon.

On the technical aspect, the pair is supported by the up-trend line, suppressed by the strong resistance at 1.3365. Keep patience to await the clear trading signal: If it succeeded to break out 1.3365, the rebound from 1.3287 is confirmed. Then, it'll test 1.3400. Further rise should be seen to 78.6% retracement of 1.3287 to 1.3465 at 1.3430. On the down side, though, break of 1.1.3330 will turn focus back to 1.3300 and 1.3240 support instead.

The target is 1.3430.
Turning point: 1.3365.
Above 1.3365, bullish , target price is 1.3400,then 1.3430.
Under 1.3365, bearish , target price is set at 1.3300, then 1.3240.

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Prior Strategy:

Comments

Is it clear now?
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minyangshi9409 LynnElizabth
@LynnElizabth, yes, broke out the support line.
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