FX CHART OF THE DAY: USDCAD MEAN REVERTION DOWN TRADE
USDCAD is trading laterally recently around its weekly mean.
Currently price is again at its relevant range upper border, marked by 1st standard deviation from weekly (120-h) mean. Volatility is compressing, hinting us that another mean revertion is likely in the cards (downwards this time)
Traders can pick shorts close to the upper 1st standard deviation (1.3285) targeting the weekly mean (at 1.3225).
Stops should be places above relevant highs - at 1.3335
Currently price is again at its relevant range upper border, marked by 1st standard deviation from weekly (120-h) mean. Volatility is compressing, hinting us that another mean revertion is likely in the cards (downwards this time)
Traders can pick shorts close to the upper 1st standard deviation (1.3285) targeting the weekly mean (at 1.3225).
Stops should be places above relevant highs - at 1.3335