Key Resistance: 1.27 – 1.28
The USDCAD has bee trading down for the past 2 weeks (-2.66%) but we are still looking for longs here. The reason is that the overall trend in this market is bullish (more so with crude recovering from its drop to 61).
The immediate bearish structure was broken with today at the same time price broke with the weekly pivot and the 1.2580 level.
price has also bounced from the lows at the retest of the 1.25 level (big psychological level) whilst printing, again, bullish divergence on my oscillator extreme lows. The last time we printed these extreme lows (in a lower low)was back in July 30th and price then went up on a 4.21% rally.
My trade idea here is to capitalize on a high probability bullish run based on everything explained here.
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