USDCAD - Support of key averages points higher

Alan Collins 3cAnalysis

The gradual improvement from Friday’s low continued Tuesday. Bought at higher levels for a 2nd day in a row, USDCAD tested Thursday’s Marabuzo line – maintaining prices above the 13/100 day mvg avg area. Until/unless last week's top is exceeded our technical studies cannot be strongly positive. Nevertheless, buying on intraday setbacks places our focus on the topside despite the failed spike higher in Asian trading. So, our call for this morning is a Cautious Buy from London 7am but leaving room to also Buy any Dip to 1.3093, the 13 day mvg avg. The risk is 1.3060 with an immediate target of 1.3141. A move through that point then exposes sentiment to last week's 1.3171 top and 1.3198, the 8 week high.

Average Supports

USDCAD Current Trading Positions

Sell 22%

Buy 78%

Avg Sell Price 1.3066

Avg Buy Price 1.3072

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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