Buying The USD/CAD From Macro Fibonacci Support
In the event the USD/CAD closes negative, it will mark the third straight red candlestick on the daily chart. July has extended the negative sentiment of late June, with price seemingly on a collision course with the 1.3000 handle. If we see a continued fall, then a buy from just above the macro 62% Fibonacci retracement is good trade location to the bull.
Here is the trade:
1)Entry: Buy 1.3036
2)Stop Loss: 1.2994
3)Profit Target: 1.3082
4)Risk vs Reward Ratio: 1/1
The optimal timing for this trade is before the Monday forex session close. However, the recommendation will remain valid until Wednesday’s BoC Interest Rate Announcements. If it hasn’t gone live by that time, pull the orders.
Here is the trade:
1)Entry: Buy 1.3036
2)Stop Loss: 1.2994
3)Profit Target: 1.3082
4)Risk vs Reward Ratio: 1/1
The optimal timing for this trade is before the Monday forex session close. However, the recommendation will remain valid until Wednesday’s BoC Interest Rate Announcements. If it hasn’t gone live by that time, pull the orders.