Today's First For Trading Call

USDCAD - Rejects channel base; Bullish above .9720

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 08 October 2012 at 06:07 GMT+0
Recommended Recommend Unrecommend Recommend

In our last medium term USDCAD call we hit our second medium term target .9841 (from an entry of .9697) but selling pressure last week ‘took out’ our stop (on balances) at .9779. However, losses were rejected close to .9730, a 61.8 percent pullback level of gains from .9632 - .9887, on Friday. This resulted in price moving back inside the daily channel formation. Although we need to see a break of .9880, channel top, to confirm the continued bullish momentum, the bias is assessed to be bullish. Our call is a Bullish above a stop at .9720.

The profit targets are .9880, .9942 and 1.0000.

The risk however would be with selling through a stop of .9720.

USDCAD Daily

USDCAD weekly

Comments

Related articles

Topics

This post appears under the following topics...

  1. Forex
  2. USDCAD

Trending articles

Trending Topics

 

First4Trading
First4Trading is a UK FSA regulated, multi award winning research firm providing live trading strategies and sophisticated market analysis to the individual trader.

 

Live trading research and strategies are published on 24 separate markets daily supported by an easy-to-use platform to capture profits, amend price targets, close trades and identify new trading opportunities.

 

Introductory offer for Tradingfloor clients

We offer you full access to any of our research packages for the first month. This includes daily or weekly reports, intraday trade research, recommendations and exclusive real time update service.

 

PIA: The technical analyst awards.

If you would like an opportunity to assess First4Trading analysis for yourself then we invite you to take a 2 week assessment of their service at no cost.

Trial First4Trading account

Disclaimer

Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Please read our full disclaimers:
Sponsored by Saxo BankCookiesPrivacyRSSContact us

Disclaimer

Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Please read our full disclaimers:
Sponsored by Saxo BankCookiesPrivacyRSSContact us
Feedback
Dismiss

Oops! There was a problem communicating with the TradingFloor.com servers Connection Error! {time} {code} {type} {message} .

Oops! There was a problem communicating with the OpenAPI servers.
Oops! There was a problem communicating with the Financial Calender servers.