ridethepig

ridethepig | USDCAD Market Commentary 2020.09.28

Long
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Flows are starting to become more mixed as we reach the final few sessions in the Quarter. The structural decline of the dollar remains but we have some room for tactical longs in USDCAD . This is emphasised by the fact that the DXY still has a final manoeuvre to make before we step down one more time:


In the short term it is buyers move to make, they have put their cards face up and with enormous effect a squeeze of the highs will make things a lot easier to play in the MT and LT decline:


In a nutshell....Continue to look for longs in USDCAD over the coming days for a test of 1.350x. Before positioning for a swing down for later in the year.

Comment: Nothing to update here with the highs still holding. Still looking for a 1% move higher in USD before we kickstart Q4.
Comment: Here we go... 👀 on the break!

Comments

I am careful with shorts from 1.35 area, since the major trend seems to have reversed. I am waiting for a reversal confirmation or negation before committing to either side.
Reply
crystal clear! such a detail analysis. Thank you for sharing :)
Reply
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