FX:USDCAD   U.S. Dollar/Canadian Dollar
47 2 4
Decent numbers from the US yesterday. Still I don`t expect this to immediately be prized into the market. As the market is waiting for more signs that substantiates a rate increase. Already at current levels USD is appreciated.

Normally I stick to trading within the current week, that is the time horizon I will refer to with my trades. For the coming week(s) I am expecting the USDCAD to be bearish. I believe that oil has an upside potential within this time horizon further strengthening the CAD.

Still it is not the big fundamental picture that is the deciding factor for such a low intra-week time horizon. More important is the technical analysis.

The pair has a maximum upside towards the 1.3250-1.3275 area. If 1.3275 is reached a new high in the current bullish trend is reached. I believe this to be the last high before the yearly lows might be tested.

There is also a possibility that the pair is forming a lower high and is not reaching the 1.3250 level. This is a strong argument for the change from a bullish to a bearish trend taking place.

I will place my stop above the 1.3280 level, when entering the trade. PA and a mechanical entry will decide my entry point. The mechanical entry is a safety line, if I/the system is wrong, it will often prevent me from making an entry.

Daily timeframe with current structure as well.
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