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Video / 06 July 2016 at 6:36 GMT

Looking to buy USDCAD: Lucas

Steve Lucas
Steve Lucas of 3cAnalysis says that a sequence of five lower daily highs has been ended on Tuesday and that the buying has come from close to a 62% pullback to the gains posted since the last two-week low.

Lucas points to that the improvement has taken prices above their 13-day average rate and that crude oil has put in a bearish reversal protecting a falling trend of lower daily highs and taking prices back below $50/b.

On this account Steve Lucas is looking to buy USDCAD on the open and at 1.2960 with a stop loss at 1.2910 which is the 13-day average rate.

Lucas'  targets are 1.3039, the 100 day average and 1.3121, June’s top. 

06 July
Dj TinTin Dj TinTin
go long on USDCAD or just hold on
06 July
Steve Lucas Steve Lucas
I was fairly confident on this trade today and it worked well until the last couple of hours and an up-tick in oil.....I usually close all positions at 4pm uk time but am keeping a very small balance today
06 July
Dj TinTin Dj TinTin
got a small long open just to see what happens after the foc meeting


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