The USD showed very strong growth against the CAD within a few days, but over the last two days the bears performed very strong and recovered part of the lost positions. Most likely the global trend will not change, but the correction can be calculated.
The average in the MACD histogram came out above the zero line while the Oscillator Force Index is preparing to cross the zero level.
Should price action for the USDCAD breakdown below 1.2339 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position 1,2339
- Take Profit Zone: 1,2069
- Stop Loss Level: 1.2438
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position 1.2438
- Take Profit Zone: 1.2704
- Stop Loss Level: 1.2370