USD is recovering its safe-haven properties after the increasing report in COVID cases in some states, the stock market in correction, and DXY in bullish bias.
WTI under seller pressure brings some weakness to the Canadian dollar. However, it's been trading sideways within a channel and currently reaching the resistance level.
Technically speaking, the price could correct towards the support line from the channel, but fundamentally speaking, it's time for a strong bullish bias.
The reason why two trade plans are presented, P1 for confirmation of breakout of the current level and P2 if the price correct. I will keep a close look with the pair to capture any possible move today.
The order:
Type: sell-limit
S/L: 84 pips - R:R | 1:2 -
T/P: aiming at the key support level by Fib
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WTI under seller pressure brings some weakness to the Canadian dollar. However, it's been trading sideways within a channel and currently reaching the resistance level.
Technically speaking, the price could correct towards the support line from the channel, but fundamentally speaking, it's time for a strong bullish bias.
The reason why two trade plans are presented, P1 for confirmation of breakout of the current level and P2 if the price correct. I will keep a close look with the pair to capture any possible move today.
The order:
Type: sell-limit
S/L: 84 pips - R:R | 1:2 -
T/P: aiming at the key support level by Fib
--
*** If you like the idea, don't be shy, click on like and comment. If you do not agree, just comment ;-) | Thanks for your support!!! ***
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