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USD/CAD: Opportunity for new long positions

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USD/CAD:
Our Expectations: Mid termed long movement, correction to 50% Fibo and diagonal supports. Opportunity for new long positions with SL: 1.333

Alternative scenario: If the price goes below the supports and maintain levels long enough to close a bar, this scenario will be denied and we might witness a new short movement.

Commentary: The price made a correction of the long movement to 50% Fibo, as well as multiple supports, well it formed price action of a reversal bar.

Fundamental:The Bank of Canada's nod to an improving economy on Wednesday clashed with the view in the foreign-exchange market amid lower oil prices and potential U.S. rate hikes. Net short positions in the Canadian dollar versus the greenback are at an all-time high going back more than two decades.

DeM(8) reversed and breached 40 - positive signal.

TD Sequential counted 9, which also gives us a signal, that the short term movement is over and the long will resume.

50/200SMA in bullish formation - positive signal

For better positioning, we wait for slight corection of the previous bar and seek entry on levels around 1.3445.

Jr Trader Alexander Kumanov


 Varchev Traders

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