WEEKLY SPOT USDCAD - technicals analysis signals and trade
Although a spike higher Monday took USDCAD to our first weekly objective, the real story of the day was consolidation. The market failed to extend Friday’s upside rejection but also failed to attract fresh buying interest. In fact a lack of immediate clear signals for sentiment was emphasised by the fact that all trading was confined within Friday’s parameters. But despite this indecisive ‘Inside’ day the positive Keltner channel shows that the undertone remains positive. So, our call for this morning is a Cautious Buy from 7am but leaving room to also Buy any Dip to 1.2811, yesterday's low. The risk is Thursday’s 1.2781 base with an immediate target of 1.2872. A move through that point then exposes sentiment to 1.2893 and last week's 1.2917 high.
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