USD/CAD

Traders are waiting for today's releases of Canada's GDP and US Pending home sales data. The pair is trading at 1.0672 levels. The downfall is likely to be paused at 38.2 fib correction levels. The next selling wave will generate below 1.0650 for 1.0630 and 1.06 levels. The pair closed below the 50 weeks Sma after two years. The weekly and daily stochastic indicating an oversold level. On the upside, it has strong resistance at 50 weeks Sma at 1.0716 above this 1.0761 level. Until the pair close above the broken Sma, selling on the rallies will mint the money.

Currently the pair is trading near multiple support zone 1.0650. The oversold indications in the multiple time frames, pause the downfall at 1.0660 levels. We again repeat the sell call once it breaks the 1.0650 levels for 1.0630, 1.06-1.0575 levels. Short traders can wait for some upward move to short again or below 1.0650. Buyers can buy with sl 1.0650, currently is trading at 1.06773 levels targets 1.0697 and 1.0720 even 1.0750.

Until the pair breaches the 1.0752, on the down side 1.0575 is an open target

1.0894-1.0716 = 0.0178

0.0718-1.0752 = 1.0574 levels.

Again sell below 1.0650 for 1.0630, 1.06/1.0575 - positional

Risky traders buy with sl 1.0650 target 1.07 and 1.0715

Review - We recommended to enter buy side at 1.0832 with sl 1.070 and sell below 1.070 targets 1.0650 and 1.0630 levels. The buy side, we made a loss of 132 pips and the reversal trade made 300 pips profits resulted net profit in that trade.