In the event the USD/CAD
closes negative, it will mark the third straight red candlestick
on the daily chart
. July has extended the negative sentiment of late June, with price seemingly on a collision course with the 1.3000 handle. If we see a continued fall, then a buy from just above the macro 62% Fibonacci retracement
is good trade location to the bull.
Here is the trade:
1)Entry: Buy 1.3036
2)Stop Loss: 1.2994
3)Profit Target: 1.3082
4)Risk vs Reward Ratio: 1/1
The optimal timing for this trade is before the Monday forex session close. However, the recommendation will remain valid until Wednesday’s BoC
Interest Rate Announcements. If it hasn’t gone live by that time, pull the orders.