Ian Coleman - First 4 Trading
Ian Coleman of explains in a technical analysis of charts why he is buying USDCAD. He is looking to set a limit order to buy at 1.2295 with a stop at 1.2235. His targets are 1.2630 and 1.2850.
Short term
Trade view / 05 September 2016 at 7:24 GMT

Bearish signs on USDCAD gather

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: USDCAD
Price target:
Market price:

Last week’s signals for USDCAD were bullish and these have been confirmed with sentiment posting a second higher weekly low and high in a row for an initial gain of 1 ½ Big Figs. However, sellers have returned to the market and the subsequent formation of two daily Shooting Stars on Wednesday and Thursday are a warning to bulls as it switched daily signals to bearish on Friday. This switch too has been confirmed and a weekly Shooting Star has pointed signals lower over this week.

Management and risk description

Allow room to sell bounce and lower stop to entry if the first target is met.


Entry: sell at market and 1.3103, Friday's open

Stop: 1.3201, last month's top.

Target: 1.2832, the 2 week low and 1.2763, last month's base.

Time horizon: until 1200 GMT Friday.

 Source: CQG

USDCAD Weekly - rally stalls
 Source: CQG

UADCAD Quarterly - Rejection
 Source: CQG

— Edited by Martin O'Rourke

Non-independent investment research disclaimer applies. Read more
Steve Lucas Steve Lucas
Today's strong selling, a 3rd down day in a row, has further confirmed the negative weekly forecast with a move to our target at 1.2832. Sentiment remains bearish with 1.2763 the next objective and a stop now assessed as today's 1.2935 peak.


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