The strong rally of USDCAD is the biggest story last week, the rally mainly is contributed by energy price fall.
The question is does it stop this rally ?.
I'm not sure, while I keep bearish bias for Dollar this week, I admit that oil price could continue to fall.
There is no major support of Oil untill $33, current level of oil price is not stable, and it quickly tests $33 in the near term before finding support around that level.
With USDCAD, it also broke the trend line I draw on the chart, 76.4% Fib extension is at 1.4000 : A meaningful psycho level.
RSI Indicator : It contacted overbought zone at 80 --> The Buy is reaching its peak.
Actually, the rally of USDCAD is too fast, I'm very surprised. Last week, I just positioned to 1.3650, but now is 1.3750, I missed the trend.
The best way is wait, at least I want to see a correction first because I can't find the entry and where I place stop loss.
You can take risk and drive U/C to 1.4000 if you're enough brave.
The question is does it stop this rally ?.
I'm not sure, while I keep bearish bias for Dollar this week, I admit that oil price could continue to fall.
There is no major support of Oil untill $33, current level of oil price is not stable, and it quickly tests $33 in the near term before finding support around that level.
With USDCAD, it also broke the trend line I draw on the chart, 76.4% Fib extension is at 1.4000 : A meaningful psycho level.
RSI Indicator : It contacted overbought zone at 80 --> The Buy is reaching its peak.
Actually, the rally of USDCAD is too fast, I'm very surprised. Last week, I just positioned to 1.3650, but now is 1.3750, I missed the trend.
The best way is wait, at least I want to see a correction first because I can't find the entry and where I place stop loss.
You can take risk and drive U/C to 1.4000 if you're enough brave.