News from BoC was bearish for Cad
Although the original weekly pivot theory plan was a deep six one as price never found support there's another opportunity thanks to the BoC and the Ivey PMI miss. Price is looking to cross the 233 ema (Daily 5) as CAD weakens. Also the 21-55 macd (4 HR 5 & Stoch) is trying to cross the water line as the 4 hr stoch is OS. Initial targets are up at the 1.3000 area with multiple reasons for that target as noted. Watch for USD strength to help this trade hit the target zone. Lets see how this plays for the week.