Day trade
Trade view / 02 September 2016 at 5:55 GMT

Beware possible nonfarm payrolls storm, USDCAD bulls

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

A bullish forecast on the week has been confirmed and signals in each of the last three days have continued to point higher. These have been confirmed with Thursday’s trading posting a fourth higher daily low and high in a row, though with prices closing little changed for the second day in a row.

In fact the market has posted a second small daily shooting star, a sign of bullish exhaustion and perhaps a warning ahead of the NFP storm. This has left a bearish bias to signals for Friday.

Management and risk description

Allow room to sell an intraday up-tic and lower the stop to entry if the first target is met.


Entry: sell at market and 1.3115.

Stop: 1.3149, yesterday's high.

Target: 1.3008, Tuesday's low and 1.2974, this week's base.

Time horizon: Today until 1300 London time (1200 GMT)

USDCAD Weekly - recovery to losses

USDCAD Quarterly - highs rejected

Charts: CQG. Create your own charts with SaxoTrader; click here to learn more. 

For more on forex, click here.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
AlexF AlexF
Could you suggest a protective strategy for a long usdjpy and nzdjpy in case NFP disapoints please ?
Steve Lucas Steve Lucas
Hi Alex - you can get option protection and your contact at saxo can help you with that, or you could do what I will be doing and closing out of course
Michael Liu Michael Liu
Hi Steve, will you close the position before the NFP news??
Steve Lucas Steve Lucas
Yes Michael, definitely - and the weekly position
Michael Liu Michael Liu
I jump on this boat, hope we can make some money.


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