USD/CAD Trading Idea – Below Ichimoku Unable to Break Above Pivot

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USD/CAD Trading Idea – Below Ichimoku Unable to Break Above Pivot

12:40 PM EST

USD/CAD Daily: Unable to break above Pivot remains below Ichimoku heading towards 38% Fibonacci

Trading idea: Bearish below 1.2180 targeting 1.1815

Technical Analysis: Although the pair seems to have completed an Elliott Wave pattern, it seems the bearish sentiment is here to stay for a bit more towards 38% Fibonacci level. The pair was unable to break above a key pivot levels and remains below the Ichimoku cloud.

Economic Events:

1- BOC Senior Deputy Governor Carolyn Wilkins is due to speak at the Board of Trade of Metropolitan Montreal on Tuesdat at 12:45 PM EST. 

2- Canada’s Ivey PMI which shows level of a diffusion index based on surveyed purchasing managers is out Wednesday at 10 AM (EST).

The Purchasing Managers Index (PMI) iss a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy

What to look for:  Above 1.2180 look for further upside towards 1.25

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.1815 1.2180 1.28
1.1520 1.27