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Coleman: Sell USDCAD as gains are limited

Ian Coleman - First 4 Trading

Ian Coleman from First 4 Trading is looking to sell USDCAD as he says gains are limited. He is expecting limited movement in the dollar index as it's still stuck between support and resistance.

He explains USDCAD has been "stuck within the symmetrical triangle formation", as intraday trading remains mixed and volatile. In addition, the intraday exhaustion level at 261.8% located at 1.0700 has held back bullish price action on eight occasions in the last 23 trading days. 

As a result, he is looking to sell in front of 1.0700 with a stop at 1.0725. Targets are 1.0660 and 1.0640.

The Canadian dollar, also known as the loonie, fell on Monday after Finance Minister Jim Flaherty said Canada may post a bigger budget surplus than forecast in the 2015-2016 fiscal year and its manufacturers will be aided by a currency that the central bank head says may weaken.

rakeshparekh rakeshparekh
Hi Ian, this pair is currently trading around 1.0750. Given the data coming out of US / Canada today, do you still feel that this pair will trade lower over next few days? (I have no open position either way at the moment)
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
no..... we have now broken the triangle formation to the upside.. bias is bullish
rakeshparekh rakeshparekh
Thanks for your swift response :-)
Ulterior Ulterior
>>no..... we have now broken the triangle formation to the upside.. bias is bullish

so you should cancel the PROMO adverts to short it, lol
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
stops been taken so there is no need. We show our losers as well as winners


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