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Interesting situation is boiling up in the market. EUR strength collects some comments from analysts, which are hard to prove. CHF and JPY strength could be devoted to market participants' uncertainty in the equity markets. And last but not least, Oil has reached a psychological barrier of 30 usd. Considering these developments, it's fair to expect an adjustment to a far overbought USDCAD.
USDCAD could not extend gains with recent oil declines. Still waiting for a reversal pattern. However, look to enter short positions at 1.4200 and above. It might be a right time for the expected profit taking sell-off in this currency pair and a break in the up-trend. Use a take profit target of 1.3550 for a potential trading profit of 650 pips with a stop loss level at 1.4500 for a potential trading loss of 300 pips which will result in a Risk-Reward (RR) ratio of 2.17.
USDCAD could not extend gains with recent oil declines. Still waiting for a reversal pattern. However, look to enter short positions at 1.4200 and above. It might be a right time for the expected profit taking sell-off in this currency pair and a break in the up-trend. Use a take profit target of 1.3550 for a potential trading profit of 650 pips with a stop loss level at 1.4500 for a potential trading loss of 300 pips which will result in a Risk-Reward (RR) ratio of 2.17.
