CAD is seasonally bullish during the first half of the second quarter, while USD is seasonally bearish for the first half of the second quarter. Coincides with the bearish stock market and interest rates bringing USD value down. Also, recent rise in oil prices is bullish for the CAD. Technically USDCAD formed a double top on the weekly time frame and needs to retest prior breakout level at 1.365. Watch for the washout and stop loss hunt above the trend line for possible entry.
Kommentera:
Took partial profits around 1.395. Letting rest ride secured