Strifor || USDCAD-21/12/2023
Preferred direction: BUY
Comment: The Canadian dollar perfectly worked out its fall, which we assumed in the previous trading idea. Now the price is pressing buyers at the level of 1.34000. The market is heavily loaded with long-positions; this fact, of course, does not give the big business the opportunity to go up. But every day there are fewer buyers, as local minimums are updated, which forces buyers to close their positions.
However, the medium-term prospects are still in favor of the buyer. Thus, the main scenario for today is a fall towards the level of 1.32399, and then the start of growth. A more aggressive scenario 2 assumes an increase from current prices, but this is unlikely since important economic data from the United States awaits us ahead, against which we should expect increased volatility.
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Comment: The Canadian dollar perfectly worked out its fall, which we assumed in the previous trading idea. Now the price is pressing buyers at the level of 1.34000. The market is heavily loaded with long-positions; this fact, of course, does not give the big business the opportunity to go up. But every day there are fewer buyers, as local minimums are updated, which forces buyers to close their positions.
However, the medium-term prospects are still in favor of the buyer. Thus, the main scenario for today is a fall towards the level of 1.32399, and then the start of growth. A more aggressive scenario 2 assumes an increase from current prices, but this is unlikely since important economic data from the United States awaits us ahead, against which we should expect increased volatility.
Thank you for like and share your views!
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