Usd/cad

fxstrategist

Established member
578 15
The USDCAD near resistance

The USDCAD accelerates its bullish momentum, but it may find some resistance at the 1.3200 level. To the downside, the 1.3100 level may act as support and above the 1.3200 level, its next resistance could be the 1.3289 level.
 

FXX

Experienced member
1,136 186
The USDCAD accelerates its bullish momentum, but it may find some resistance at the 1.3200 level. To the downside, the 1.3100 level may act as support and above the 1.3200 level, its next resistance could be the 1.3289 level.

why is it accelerating and why might it find support and resistance at those levels?

You see working with might, maybes, perhaps, really isn't conducive to successful trading. There needs to be a tangible reason that is visible by most market participants.
 
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FXX

Experienced member
1,136 186
here is my reasoning for a swing trade short

1) BOC on hiking path
2) Data has been great
3) new nafta deal done but short term wording issues has softened the currency but not abolished the deal so its temporary
4) oil has dropped significantly and is pretty much at fair value now with risks skewed more to the upside
5) USD hikes more or less priced in. Without much more in the way of fresh data showing an overheating economy, USD is falling short of fresh reasons to keep appreciating.
 
here is my reasoning for a swing trade short

1) BOC on hiking path
2) Data has been great
3) new nafta deal done but short term wording issues has softened the currency but not abolished the deal so its temporary
4) oil has dropped significantly and is pretty much at fair value now with risks skewed more to the upside
5) USD hikes more or less priced in. Without much more in the way of fresh data showing an overheating economy, USD is falling short of fresh reasons to keep appreciating.
Good points although I would wait for the 1.3213 to short with a fair target on September low at 1.2782
 

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