USD/CAD Short. Short USD/CAD due to the fact the Bank of Canada is looking to raise rates and alongside the with a weaker dollar and stronger oil is putting pressure on this pair. Retail sector is also very bullish this pair even more so from last week which gives me a further bearish outlook. My take profit is going to be 1.10 long term and even lower.
I do see the dollar DXY strengthening over the next few days and possibly into next week. I will be scalping long dollar until a short opportunity presents itself. The longer term bearish dollar DXY view is still in tact.
I have added shorts to USDCAD at these levels. I remain short long term after scalping long dollar yesterday. DXY looks done here.
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