USDCAD - Sell Rally to 1.3695

2 Jul 2020

Monday’s loss of topside momentum, and the end to a sequence of higher daily lows kept Wednesday’s signals pointing lower. These were confirmed with sentiment posting a 3rd lower daily high in a row, though for only modest losses. A recovery to close unchanged hasn’t offered a bullish reversal pattern, but it does leave Thursday’s bearish signals much more cautious and the call is to stay square on the open and to sell on the rally at 1.3695, Tuesday’s high with a stop loss at 1.3772, June’s opening trade, or to sell down through 1.3545, yesterday’s low with a stop loss at 1.3620. Targets below 1.3545 are to 1.3493, the 200 day average rate and 1.3412, the 11th June open.