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Trading in USDCAD was volatile on Monday. Initial losses mounted to more than 1 big figure and USDCAD was driven back to its 13 day moving average. But that crucial point proved important as, in line with this week’s forecast, fresh buyers were attracted near that point.
The resulting resumption of the upside took USDCAD back above 1.3500 and confirmed the underlying bias. Asian buying has confirmed this and although overbought sentiment is a minor concern, investor sentiment is positive.
Management and risk description
A move to 1.3583 means the stop can be raised to break even.
Entry: Buy in 1.3550/55 area and at 1.3528.
Stop: 1.3481 offered.
Target: 1.3583 and 1.3609.
Time horizon: Intraday, ending 1500 GMT.
— Edited by Robert Ryan