UBS earlier today recommended a long in USD/CAD, but only on a close above 1.0670. What happened? USD/CAD blasted to 1.0760 before the close and they missed the entry.
Now they’re saying to watch for a correction to today’s strength before entering.
The original target of the trade was 1.0850 but they warned 1.0804, which is the 38.2% retracement of the Mar 2009 to July 2011 move is a critical resistance level.