Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Levels for trading USD/CAD
Trade ideas
SELL 1.3250; TP 1.3225; SL 1.3260
SELL 1.3220; TP1 1.3180; TP2 1.3145: SL 1.3235
BUY 1.3360; TP 1.3440; SL 1.3330
Last week, USD/CAD showed some resilience. Despite the previous candlestick with the long upper shadow on W1, it managed to gain, get close to the highs of the previous week and close above the 50-week MA (1.3250). All of this adds credibility to the uptrend which has been in place since the middle of July. However, the fact that the greenback failed to renew highs is worrisome. The decline below 1.3285 (Thursday’s low) will make the pair return to 1.3250 and 1.3225 (uptrend support line). If that support fails, we’ll be looking at 1.3180 and 1.3145.
To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).
Elizabeth Belugina
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