The cross manages to pause at the key parallel support level 1.5145 and consolidating at 200MA. The daily studies are extremely oversold. The daily RSI is indicating 22 level and the oscillator has been remaining in an oversold territory and we expect a bullish crossover sooner.
Ahead of today’s Canada catalyst support finds at 1.5145 below this 1.5075 it’s 80.0 fib reaction which coincides with August 29, 2017 high exists. Turning to a higher time frame 50MA (weekly) finds at 1.5110. Overall between 1.5145-1.5075, the cross has a potential to release the thrust fully. In this case, the nose will be lifted to 1.5140, 1.5370 and 1.5460. To limit the risk use stop loss below 1.5000.
Trade: Buy between 1.5075-1.5020
Also Read: USDCAD buying trade plan
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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