USD/CAD SHORT from 1.3660
USD/CAD has been declining since last week and shows not sign of finding support.
The Andean Oscillator on the H1 time frame turned BEARISH towards the end of last week and with no obvious levels of support we can expect to see the price of USD/CAD drift lower to 1.3588 area where BUYERS may well lie.
A look at the H4 time frame is revealing.
All 4 EMA's (25/50/100/200) are grouped together and the price is now below this group.
This means that USD/CAD BULLS would have to push through all these EMA's to head north and this seems unlikely in the absence of key drivers.
THe only news on the horizon comes at 15:00 tomorrow with the CB Consumer Confidence which is not generally a big move so if this print disappoints then we can expect to see USD/CAD decline at a faster rate.
The D1 time frame suggests we could be headed for the 200 EMA at 1.3570.
If this key level breaks then there's nothing to stop USD/CAD heading much lower but any significant CAD or USD news would set the agends for this pair.
With the Bank Holiday price action will be slow so I expect to see a gradual but steady decline with this pair.
The Andean Oscillator on the H1 time frame turned BEARISH towards the end of last week and with no obvious levels of support we can expect to see the price of USD/CAD drift lower to 1.3588 area where BUYERS may well lie.
A look at the H4 time frame is revealing.
All 4 EMA's (25/50/100/200) are grouped together and the price is now below this group.
This means that USD/CAD BULLS would have to push through all these EMA's to head north and this seems unlikely in the absence of key drivers.
THe only news on the horizon comes at 15:00 tomorrow with the CB Consumer Confidence which is not generally a big move so if this print disappoints then we can expect to see USD/CAD decline at a faster rate.
The D1 time frame suggests we could be headed for the 200 EMA at 1.3570.
If this key level breaks then there's nothing to stop USD/CAD heading much lower but any significant CAD or USD news would set the agends for this pair.
With the Bank Holiday price action will be slow so I expect to see a gradual but steady decline with this pair.
Trade closed manually
With the USD strengthening and EUR/USD declining, I've closed this trade at 1.3616.WS1 at 1.3596 is still a potential target.
Will wait to see the CB Consumer Confidence print to decide if this trade is re-entered.
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