USDCAD - BUY - 1st April 2022




USDCAD - BUY - 1st April 2022 (Closed)


Good morning team,

 

Hard luck on the GBPAUD, the trade moved back to breakeven overnight. We may look to revisit the position later today.

The decline on the DXY is still classed as an ABC corrective decline. Therefore we are expecting a final rally on the DXY into the 100 resistance zone.

Technical Analysis

DXY

Crude Oil

Crude oil is trading on a major double support line, any breach of the support line will put downside pressure on the CAD.

USDCAD

The USDCAD is also trading on a major support line and appears to have taken a small bounce higher. This support zone has been used as a buy zone previously. The MACD is turning higher and is still trading inside a triangle formation.

The 1 hour charts are showing an inverse head and shoulders structure indicating a higher low and a possible move into the 1.26 resistance zone.

Trade Setup: BUY market execution, current price 1.2505, stop loss 1.2425 and take profit 1.2627.

Stop loss: 80 pips

Take profit: 122 pips

Trade Setup
BUY - Market Execution

Entry
1.2505

Take Profit
1.2627

Stop Loss
1.2425