Today’s market attention is focused on Canada’s and USA’s trade balance amid slow market and general low ATR numbers. The data will be released at 12:30 GMT.
USDCAD is in need of healthy retracement as we could see it on the charts. MACD is well above 0 line but it is showing a possible hook up so it will signify that retracement in downtrend has started. POC comes in 1.3230-55 zone. We can spot a confluence of WPP, H3, 50.0, and X cross so the zone could be very good for shorting opportunities. If the rejection happens the pair should target 1.3150 and 1.3085 zone. Only a momentum break or BPC pattern below 1.3060 will target 1.3000 zone.
For this scenario to succeed the pair should remain below 1.3300 level.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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