Day trade
Trade view / 05 October 2016 at 7:57 GMT

Two ways to play USDCAD bullish outlook

Analyst / PIA First
United Kingdom
Background
USD Index – Holding within the ascending triangle formation that has an eventual bias to break to the upside. For the 2nd time we have failed to sustain levels above the break line at 96.25. The bearish outside bar on the four-hour chart is a mild concern for USD bulls but dips should be bought. Two ways to play the formation:

1. Buying a break of yesterday’s high 96.39
2. Buying dips close to 95.77 (bespoke support)

USD Index
Source: Saxo Bank 

Weekly – For the last twenty-six weeks we have held within the corrective bullish channel formation with trading mixed and volatile. We are close to the first medium term target of 1.3310. This is the Ichimoku Cloud and the 38.2% pullback level of the last selloff (1.4688-1.2459). However, there is nothing to say that we could not see more gains towards the channel top and 50% pullback at 1.3574

USDCAD W
Source: Saxo Bank  

Daily – Highlights an AB=CD formation target at 1.3490. Nothing to indicate that the move higher is faltering. 
USDCAD D
Source: Saxo Bank 

Intraday (six-hour) – Broke out of the Head and Shoulders formation to the upside but there was little in the way of follow through buying. We have consolidated within the 1.3250-1.3200 range. 
USDCAD 6
Source: Saxo Bank  

Intraday (four-hour) – In an Ending Wedge formation. The interesting fact here is that that the trend line resistance is seen at 1.3316, very close to the first medium term target.  
USDCAD 4
Source: Saxo Bank 

Intraday (one-hour) – Holding within a channel formation. Two ways to play the expected breakout:
1. Buy a dip at 1.3157 (bespoke support) stop at 1.3100
2. Buy a break 1.3220 (trend of higher highs) stop at 1.3170 
USDCAD 1
 Source: Saxo Bank 

Management and risk description

Parameters

Entry: 1. Buy a dip at 1.3157 (bespoke support) stop at 1.3100
            2. Buy a break 1.3220 (trend of higher highs) stop at 1.3170

Target: 1.3310

Time horizon: this week 

— Edited by Clemens Bomsdorf

Non-independent investment research disclaimer applies. Read more
05 October
AlexF AlexF
Hi Ian where are you at today looks volatile and tricky again USDJPY is the most straight forward play right now
05 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Morning Alex. Think today is going to be consolidation day. Made a bit of a hash of it this week. Got mixed views in USDJPY... bespoke at 103.04 (but it only has to close the week below there for that to be valid). Cloud top coming up. 261.8% not until 104.70. One hour has a DeMark 13 so got to be buy dips today for our system
05 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
that move in the Euro yesterday really span the wheels out
05 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Also, I think we could top out in AUDJPY... needs to break 78.16
05 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
EURCHF looks good buying dips close to 1.0955 .... could have a good run past 1.0000
05 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
powder is dry for me ..... waiting for solid signals
05 October
AlexF AlexF
Thanks for your view agree yesterday was wild. I am on sideline as well watching USDJPY, USDCHF. Looks like we will have a positive day on equity when US open so maybe some risk on moves
05 October
Bullionaire Bullionaire
Stopped out.
05 October
AlexF AlexF
Hi Ian what do you think of the action on USDCHF, one of the USD pair on the decline big time, we are on a risk on day and yet CHF is strong ???
05 October
AlexF AlexF
Im on the sideline on FX I get the action on USDJPY but rest....
06 October
Treve Treve
Ian, one of your colleagues, Stephen Pope, has just announced his official trading results for this year are 195% profit!!!! what do you think about this ?
06 October
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Hi Treve.... I try not to comment on other posts

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail