Long opportunity for USDCAD from fundamental and technical
Fundamentally USD is gaining strength back and it will strengthen due to rate hike expectation.
CAD is more of a bearish mode due to total economic condition and also due to plunging in oil price.
Technically this also gives us a great opportunity to go long. I'm looking into Daily chart with Heikin Ashi candle. The price action is about to reverse from 1.3200 zone. The channel, Stochastic and bollinger band give us additional confirmation.
I'll wait for another day to make sure we've got a nice long green candle and jump into this trade.
TP can be around 1.35500 and Stop loss can be below 1.31500
CAD is more of a bearish mode due to total economic condition and also due to plunging in oil price.
Technically this also gives us a great opportunity to go long. I'm looking into Daily chart with Heikin Ashi candle. The price action is about to reverse from 1.3200 zone. The channel, Stochastic and bollinger band give us additional confirmation.
I'll wait for another day to make sure we've got a nice long green candle and jump into this trade.
TP can be around 1.35500 and Stop loss can be below 1.31500