For all you loonie fans out there, I know there’s at least 5 of you.
One large US bank went short at 1.0285 on monday looking to stop reverse at 1.0193. They are looking to get in for a run to 1.0400.
Another EU bank notes that a break of 1.0296 should target 1.0366.
Generally their outlook is bullish.
Yesterday we broke the 50 fib of the March hi/lo at 1.0257. This also corresponded with the H4 55 & 100 ma’s at 1.0257 & 1.0262, the H1 200 ma at 1.0254 and the March down trend.
It was a fantastic confluence level to trade off of. Shame I got stopped out at 1.0285 :-D.
We poked above the 61.8 fib at 1.0276 but are now back below. As break back above will have the pair targeting strong resistance at 1.0300.