Pair is trading inside the 1.4700- 1.1930 level since the past 6 years as the price is mostly moving based on the crude oil price . As of now , its heading towards the 1.19xx major support and likely to drop 100-150 pips below since the probability of stop loss cluster around that area is very high. On the other side , crude oil is showing weakness around 67 level and traded inside the 63-67 range since many days, indicating price likely to test around the 57 handle for short term.
Hence, for Usd/Cad , better is to split the long positions near and below the major support
Long position #1 : 1.1930
Long position #2 : 1.1800-1930
Long position #3 : Below 1.1800 ( If there is any Machine initiated so called fat finger error )
Hence, for Usd/Cad , better is to split the long positions near and below the major support
Long position #1 : 1.1930
Long position #2 : 1.1800-1930
Long position #3 : Below 1.1800 ( If there is any Machine initiated so called fat finger error )