USD/CAD Daily: Unable to break above Pivot remains below Ichimoku heading towards 38% Fibonacci
Trading idea: Bearish below 1.2180 targeting 1.1815
Technical Analysis: Although the pair seems to have completed an Elliott Wave pattern, it seems the bearish sentiment is here to stay for a bit more towards 38% Fibonacci level. The pair was unable to break above a key pivot levels and remains below the Ichimoku cloud.
Economic Events:
1- BOC Senior Deputy Governor Carolyn Wilkins is due to speak at the Board of Trade of Metropolitan Montreal on Tuesdat at 12:45 PM EST.
2- Canada’s Ivey PMI which shows level of a diffusion index based on surveyed purchasing managers is out Wednesday at 10 AM (EST).
The Purchasing Managers Index (PMI) iss a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy
What to look for: Above 1.2180 look for further upside towards 1.25
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.1815 | 1.2180 | 1.28 |
| 1.1520 | 1.27 |
