Hello Price Action Traders.
Last week, the USD/CAD fell after the retest of the 1.09800 level. Thursday the Loonie formed an Inside Candle followed by an engulfing Pin Bar. Looking at the Price Action, the pair rejected firmly the 1.08250 level after a day of indecision. In addition, the 200 simple moving average maintains a strong bullish slope. A breakout of the pin’s high could be an opportunity for a buy. Keep in mind, however, that there will be the Bank of Canada Interest Rate decision next Wednesday.
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Luigi Bazzarelli, Professional Trader member of HereForexNaked.com