CAD is headed to 1.2900
Updated
The release of the Canadian monthly CPI* was sufficient motivation for the price to bounce off the resistance line on the 17th of August. Seeing that happen might determine traders to buy the CAD until the pair reaches the lower limit of the channel. The target is 1.2900 which is the whereabouts of MS1 (1.2890) and the extremity of a three-drives pattern (4h chart). Key fundamentals will play an important role in shaping this projection and eyes are on CA* and US* data release on the 22nd of August.
Short, TP 1.2901, SL 1.3151
Long, Entry 1.2870 - 1.2900, TP1: 1.3040, TP2: 1.3140, SL 1.2837
Short, TP 1.2901, SL 1.3151
Long, Entry 1.2870 - 1.2900, TP1: 1.3040, TP2: 1.3140, SL 1.2837
Trade active
TP for sell orders was reached at 1.2901 (28 August low 1.2886).Trade active
TP2 for BUY orders was reached at 1.3140 (4th September)Trade closed manually
More updates on the USD/CAD Autumn Express chart.
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