USD/CAD Possible Counter Trend Move

1 min read
tarantula fx

tarantula fx

Head of Trading

The USD/CAD is close to Monthly L3 support. Due to the confluence with W L5 Pivot point the counter trend move is possible.

If the price gets to 1.2715-30 zone, short term traders could possibly make a buy trade as the pair has a strong chance to make a counter trend move. In that case stops should be placed below 1.2690 and targets are 1.2780, 1.2815 and 1.2850. Have in mind that M L3 is a strong support and for bulls, it could be the last line of defence.

Good trading,
Nenad Kerkez aka Tarantula FX

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