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USDCAD Trading Setup

Posted on Nov 22nd, 2016

by colibritrader

USDCAD Trading Setup

The Canadian Retail Sales came in as expected at 0.6%. A few key events are left before the US Thanksgiving Holiday- FOMC minutes and EU-Zone PMIs.

by: Colibri Trader

The trading setup from last time did a spectacular rise. On the following day after my trading idea, crude oil went up 4%. You were probably filled only after the gap formed, but if you did not take this trade, do not think about it. Sometimes, some trades are not meant to be taken. I am still bullish and almost have reached my 50USD target. I believe that the next one is at 60.00, but it will depend on price action.

USDCAD Trading Setup

The trading idea from today is coming from the USDCAD. I can see a clear bounce back from the 1.3400 level. The daily candle looks like an inside bar. Slightly larger, but still carrying significant connotations. I am also looking at the lower timeframes and they look in sync with the longer ones. The support level at 1.3400 is holding fast. I will be looking to go into a long trade at around 1.3440. My stop-loss would be placed just under 1.3360. My first target is the level of 1.3580, where I am sure we will see some major resistance and a possible reversal.

Happy Trading,

Colibri Trader

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