USDCAD dip buys in play

USDCAD dip buys in play

Key Support: 1.2450
Key Resistance: 1.2515 – 1.255

The USDCAD has rallied 4.88% from the June 1st lows. That about a 585 pip move from low to high. After hitting those highs around 1.2590 on July 8th we´ve seen a -1.17% pullback (-147.5 pips) right to the previous broken key level.

This level confluence with the weekly pivot and we are seeing a massive bullish divergence here. The highest probability trade here is a buy since this level is were we saw buyers jump in at the beginning of last week.

the overall structure in this market is very bullish short-mid term as the USD continues to see buying pressure due to the Fed hinting 2 rate hikes by  2023.

The Canadian Dollar is suffering from higher inflation and lower than expected GDP growth which is bullish for the USDCAD also.

This setup has a very high probability of success and we are riding a 2R on this trade.

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Author : Orlando Gutierrez

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