USD/CAD Ignores All Chart Setups
Skerdian Meta • 1 min read
Earlier today we opened a forex signal in USD/CAD. The hourly chart was promising, particularly coming after a consistent downtrend.
This pair has been stretching the downside and the fundamentals coming from Canada have helped the sellers on their way below 1.21 and towards the big level at 1.20.
So, this morning USD/CAD was retracing higher and at a moment it seemed like the retrace had run its course. The stochastic indicator was oversold on the H1 chart, the 100 SMA was providing resistance and the area around 1.2160-70 had provided resistance in the last couple of days.
So, the hourly chart was pretty bearish. After all, you don’t sell in a downtrend whenever you open your platform. Instead, you wait for pullbacks higher and that’s what we did.
USD/CAD broke past the resistance level and is targeting 1.22 now
Oil prices were also moving higher today and they still are, but the Canadian Dollar continues to slide, thus sending USD/CAD higher.
Well, the price just hit SL for our signal. When it rains it pours. Well, at least the trade idea that my colleague Shain issued yesterday for this pair is about 70 pips in profit.