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Pullback Buy Up Next For The NZDCAD
Welcome to Tuesday’s trade! Liquidity providers are back in the office following Monday’s observance of Martin Luther King Jr. Day. Positive sentiment is the story for risk assets, as stock and crypto are in the green. The USD is trading sideways, as is gold.
The early story has been the 1.75% selloff in WTI crude oil. The bearish break is a product of yesterday’s commitments toward oil exploration from new POTUS Trump. We have an active trade idea for USOIL; we’ll recap that and more on today’s US Session livestream.
With crude oil on the move, the CAD is active against the majors. Today’s range in the NZDCAD has been big, featuring a spike to 0.8183 and a fifty-pip pullback. The daily trend remains bullish and there’s a key support level coming into play:
Daily 38% Fibonacci Retracement, 0.8125
Check out our Key Levels for more information on this trade idea. It’s been a fascinating beginning to the trading week. Ready for more? At 1:00 PM EST today, we’ll have our Tuesday Strategy Session. Buckle up and we’ll see you there!
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