Good day traders! It has been a quiet day in the market today as the market is waiting for another stimulus to trigger the direction. However, let's talk about USDCAD.
USDCAD has been moving in a down channel and price has broke below daily support which indicates a further bearish movement will take place soon. We shall be looking for a short setup at fibonacci retracement of 61.8% as indicated above, which is a great entry to go short. Fundamentally, due to the vaccine news around the globe, market has been filled with optimism and this has given a push to oil-related currency, CAD.
Oil reserve in US has been greatly reduced (yesterday's news) and this has given a bullish momentum to oil price, which in long term, benefits the CAD.
Therefore, we will be looking for short entry for USDCAD. A good entry will be at 1.3295 (61.8% fibonacci retracement level).
Happy trading everyone!
USDCAD has been moving in a down channel and price has broke below daily support which indicates a further bearish movement will take place soon. We shall be looking for a short setup at fibonacci retracement of 61.8% as indicated above, which is a great entry to go short. Fundamentally, due to the vaccine news around the globe, market has been filled with optimism and this has given a push to oil-related currency, CAD.
Oil reserve in US has been greatly reduced (yesterday's news) and this has given a bullish momentum to oil price, which in long term, benefits the CAD.
Therefore, we will be looking for short entry for USDCAD. A good entry will be at 1.3295 (61.8% fibonacci retracement level).
Happy trading everyone!