This trade was entered after weak retail sales data for the loonie and a potential reversal in USDOLLAR
selling. Look to Jackson Hole meeting Aug. 26th for more guidance from the FED on whether or not to raise interest rates this year. Raising rates would be considered bullish
for the USDOLLAR
while doing nothing could be considered bearish
. Also be aware of oil
prices and the negative correlation on this pair. Key levels of SUPPORT are 1.2763, 1.2653. Key levels of RESISTANCE are 1.2861, 1.3252, 1.3307. As of 7/19.