USDCAD Trading Idea

by: Colibri Trader

Dear traders,
The trading ideas from last time have performed quite well- especially the USDJPY. It is going closer to the second price target. GBPJPY has been locked in a range-bound market, but still if you have placed your stops where my stop is, you would not have been stopped out. Indeed, you would be in profit. On the other side, my Sunday analysis has proven quite solid and now we can see EURUSD going closer to the resistance area at 1.0800. Still, there is no sign of reversal, but I would be extra careful around this zone. AUDUSD is showing some signs of reversal around 0.7740. I am still not shorting this pair.

USDCAD Trading Idea

Todayโ€™s trading idea is coming from USDCAD. As you can see from the screenshot, there has been a daily reversal candle formation. It is a bearish rejection or a pin bar. I will be looking to go long around 1.3330. My stop-loss would be placed just under 1.3260. My first target is the level of 1.3420. My secondary price target is the level of 1.3595.
Happy Trading,
Colibri Trader