Short term
/
Buy
Trade view / Wednesday at 8:06 GMT

Buyers return to USDCAD

Analyst / PIA First
United Kingdom
Instrument: USDCAD
Price target: 1.2790
Market price: 1.2692
Background

With the bias still for USD buying, USDCAD looks like a good set up and offers ample risk/reward. 

USD Index Daily: Still holding between bespoke support and bespoke resistance with the favoured trade to buy into USD dips (92.64-94.09). The next leg higher is expected to be the corrective (but strong) CD leg. 
USDCAD D
Source: Saxo Bank

USDCAD

Weekly: The last five weeks' price action has posted Inside Bars. A clear indication of indecision at current levels. 
USDCAD W
Source: Saxo Bank

Daily: Holding within a channel formation. This has the potential of being a bullish reverse Head and Shoulders. All of yesterday's initial losses were recaptured under trend line support. 
USDCAD D
Source: Saxo Bank

Intraday (30-minutes): The selloff is close to an exhaustion count on the intraday chart. Bespoke support is located at 1.2673. The strong buying of yesterday's dip gives scope for a possible reverse Head and Shoulders. With a break of 1.2705 offering a measured move of 1.2790, dips buying offers good risk/reward. 
USDCAD 30
 Source: Saxo Bank

Management and risk description

Parameters

Entry: Buying at 1.2673

Stop: 1.2633

Target: 1.2790

Time horizon: short-term

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
5d
alki alki
Good morning sir. Saint Nicholas brings gifts to children today, we hope for some pips even if we're not children anymore!
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
lol... morning Alki. You never know. It was charity day at the brokers i worked at yesterday. They give all that they make that day away. Nice gesture.
5d
usxau usxau
Morning gents! DXY is trying for another rival! :) Here it is also Santa Claus day and he is visiting the kids, but only the ones that were naughty!
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
LOL... I think we will be fine then !
5d
Morten Olby Morten Olby
Locked in at 1,2664. Now lets see :-)
5d
David12 David12
Good morning all, Ian we have BoC today, you expect them to be boring ... :-)
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Who knows....? Just trading the technicals ....
5d
Cesime Cesime
GM Ian et all hope you right on this trade
5d
usxau usxau
Gosh gents you are courageous to put a cad trade on before BoC! Good luck to all! ;)
5d
jcsousa jcsousa
Now that i'm in i'll go until the end
5d
alki alki
Sabrina, only a small position... not much risk anyway :)
5d
alki alki
Bailout. I have another CAD trade open and it becomes tricky. Good luck.
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
placing stop to the low now 1.2652
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
'he who dares wins Rodney!'
5d
usxau usxau
Nice call1 Missed it ;(
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Just think of the skiing at the weekend .. back to packing boxes :-(
5d
alki alki
Great call... for you. I closed on breakeven. Next!
5d
IL IL
Thanks :-) Got it from 1,2670
5d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
taken half off at 42
5d
alki alki
Moving, Ian?
5d
Cesime Cesime
well done Ian thank the news
5d
jcsousa jcsousa
Well done Ian. Thanks for this great call.
5d
Andrew Perkins Andrew Perkins
Lovely jubbly
5d
kml kml
Thanks lan
5d
kml kml
Congratulations
4d
tonyovsalford tonyovsalford
Nice call👍
4d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
you are very welcome. Glad it worked out
4d
Roma Ramler Roma Ramler
thank you my friend
4d
Morten Olby Morten Olby
Another great call Ian. Please keep them coming!!
4d
tonyovsalford tonyovsalford
Well done ian👍
4d
tonyovsalford tonyovsalford
Anything today Ian?👍
4d
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
GBPUSD trade call just posted Tony

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