USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: more trade ideas
SELL 1.3110; TP 1.3050; SL 1.3130
SELL 1.3230; TP 1.3115; SL 1.3265
USD/CAD has reached the target at 1.3115 we’ve given earlier this week. The pair’s currently supported by the 50-day MA. However, a spike in volatility is expected today due to the release of the US Nonfarm Payrolls.
If the market goes through this support, the natural target will be at 1.3050 (trendline support of 2018, 38.2% Fibo of 2017-2018 advance).
On the upside, a recovery above 1.3170 may lead the pair up to 1.32 and 1.3260 if the US data give a positive surprise.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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