Day trade
Trade view / 14 October 2016 at 7:27 GMT

Signals turn negative for USDCAD

Analyst / PIA First
United Kingdom

USD Index: Although the rally was sold into yesterday, the dip has also been bought overnight and there is no clear indication that this bias is changing (yet). 

The triangle formation target is seen at 98.44 and should be a substantial barrier. Current price 97.83.
USD Index
Source: Saxo Bank 

With potential limited upside in the US dollar, USDCAD looks primed for a move to the downside. 


Weekly: For the last 26 weeks we have been holding within a corrective channel formation. However, the rally has stalled at the 38.2% pullback level of 1.3310 (from 1.4689-1.2459) and the weekly Ichimoku Cloud base. 

Source: Saxo Bank  

Daily: If we zoom into the daily chart we can see that the strong rejection of gains has posted a bearish Outside Day, often a good indication that a top is in place. 

 Source: Saxo Bank 

Intraday (six-hour): Highlights an Ending Ascending Triangle formation. This has a measured move target of 1.3000. We have bespoke resistance at 1.3225. If we look back through from September 12 until October 5, this level has capped buying. 

This is our prime level to get short. A break of 1.3170 and the move lower is probably underway. 


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Source: Saxo Bank


Entry: sold one unit at 1.3202. Limit or to sell one unit at 1.3225.

Stop: 1.3275.

Target: 1.3000 (wedge target).

Time horizon: three to four sessions (depending on USD weakness).

— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more
14 October
Feders Feders
Hi Ian, thanks for the trade view. One question, do you post trades ideas also in TradeMaker?. Because the trade views are slightly different.
14 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
yes they are in TradeMaker. The reason the can differ slightly is the fact that we have a defined point of entry etc. Plus they are purely intraday trade calls
14 October
Feders Feders
Intraday calls, very well!. Thanks Ian.


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