drilonn001

USDCAD broke Monthly Pivot Point

FX:USDCAD   U.S. Dollar / Canadian Dollar
The pair in the beginning of the last week was trading above the M_PP. As we expected, the pair then moved on the downside and reached the M_PP levels. First attempt to break the support here was unsuccessful but the n on Friday, affected also by the news, the pair managed to break and close below this structure. We got long at the test of the area, so now the market has moved down and we are on the other side of the move. We will see this week how the price action unfolds, and in case of continued bearish mood, we will get out of the trade manually.
Comment: Price moved on the upside again and reached the level of M_PP. This time it tested this level from below so se think it represents a good opportunity to take a short position, always using propper risk management.
Comment: The pair is trading again above the M_PP, proving that the break of the support was only a fake breakout and now it is giving again bullish signals. We will look for long opportunities for next week on a retest of this area.

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