DAILY SPOT USDCAD - Tuesday's call and technicals
Having identified a daily bullish Hammer at the 200 day average rate, last week’s gains above the 100 day line have kept this week’s signals pointing higher. However, Monday’s positive gap open has attracted sellers, sentiment closing just below last week’s 1.3410 close. This may be a warning to bulls, but in the absence of a clear bearish reversal pattern the outlook for Tuesday remains cautiously bullish and the call is to buy modestly on the open and then at 1.3377, the 13 day average rate with a stop loss at 1.3351, the 100 day line. Targets are to 1.3440/50, yesterday’s high, 1.3480 and 1.3520, June’s opening trade.
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