Bullish Engulfing, FOMC, BOC altoghater...
We sold USDCAD on 16 Oct after trend-line break and confirmation candle. Position was closed in 1:2 ratio in anticipation of a choppy trade in bottom and major events
ahead (FOMC, BOC) for the pair which have potential to overturn the direction of the pair.
Technically, Yesterday's bullish engulfing candle looks promising to BUY. But 20 DMA has crossed the 100 DMA downward. Although, Moving averages are late indicators So we usually
read them as confirmation indicators not the vanguard indicators(which hints about future happenings). But along with fundamental events risks ahead, its cautious.
FED and Bank of Canada both are meeting later today. Monetary Policy decisions have tendency to derail the setups. So we opt to remain in side-lines and watch
carefully to get the direction ques.
ahead (FOMC, BOC) for the pair which have potential to overturn the direction of the pair.
Technically, Yesterday's bullish engulfing candle looks promising to BUY. But 20 DMA has crossed the 100 DMA downward. Although, Moving averages are late indicators So we usually
read them as confirmation indicators not the vanguard indicators(which hints about future happenings). But along with fundamental events risks ahead, its cautious.
FED and Bank of Canada both are meeting later today. Monetary Policy decisions have tendency to derail the setups. So we opt to remain in side-lines and watch
carefully to get the direction ques.
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