USDCAD Buy on Fundamental/Technical Convergence
After bouncing off of support at the 1.33 handle forming a double bottom on H4, the pair has continued to rise for the last 2 days. Today, the US posted 196K new jobs for the previous month after a disappointing (but likely mistaken) 20K and an expected 180K. On top of that, Canada posted a loss of 7.2K in employment with an expected gain of 1K.
These 3 things make a long position on this pair to continue upwards for the next few days at least, and I have my first profit target set at the double top formed last week on H4 around 1.3414.
This may also be a good entry for a longer term position, for which I will make a separate post shortly.
These 3 things make a long position on this pair to continue upwards for the next few days at least, and I have my first profit target set at the double top formed last week on H4 around 1.3414.
This may also be a good entry for a longer term position, for which I will make a separate post shortly.
