Weekly Price Action Setups & Key Levels | May 21-26

2017-05-21 - Market Commentary (USDCAD)

My Current Active Open Positions: AUDUSD, GBPCHF, EURNOK, EURPLN, EURSEK, AX_UN, CUF_UN, BMO, RY, ANZ

USD/CAD – False break presents fresh MT & ST opportunities for sellers (Daily chart)
After the breakout in the end of April, there has been no real follow through by the bulls and Fridays session ended with a strong close back below 1.3600. This suggests we are looking at a false break, changing our LT bias to a more neutral stance.

For traders looking to short this pair, weak pullbacks into 1.3600 can provide potential opportunities while bulls IMO are better off standing aside until the pair around 1.30, or on a daily close above 1.36 for trading opportunities.

To the downside, we have minor …

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