Thank to Canada Employment report. The number beat the forecast and is printed at 40.6K while Unemployment Rate fall 2bp to 7.1% Loonie immediately gains support and rally across the board, WTI quickly react and goes up $2.60 Next week, BOC Meeting is the central focus regarding to Loonie. With recent uptick of economic data, 100% BOC will shift the stance to neutral or probably neutral hawkish. BUY Loonie ahead the meeting is absolutely a good choice. I surely follow the trend. With Technical Analysis: 1.3150 is a good resistance where we can place stop loss there. Strong support : Floor of this pair : 1.2840 , but I don't this this floor could hold USDCAD next week. I expect U/C would pierce this support. Next support if 1.2840 can't hold Loonie is 1.2570 RSI indicator pulls back from the benchmark :50 : signal the downtrend is still valid. In short, I recommend SELL USDCAD next week through support 1.2840
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Komentar
waterman
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I was waiting for a b/o from the channel.But job data derailed it.!