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Ian Coleman - First 4 Trading
Ian Coleman of First4Trading.net explains in a technical analysis of charts why he is trading EURCAD. Coleman is looking to sell EURCAD at 1.4370 with a stop at 1.4420. His targets are 1.4125 and 1.4000.
Day trade
Trade view / 05 July 2016 at 12:01 GMT

UPDATE: Brexit fallout didn't contaminate EURCAD

FX Trade Strategist / www.Loonieviews.net
Canada
Instrument: EURCAD
Price target:
Market price:
Background

The original trade idea expected the EURCAD slide to continue supported by both intraday and short term downtrends. The assumption was that the fallout from Brexit was far more negative for EURUSD than the the risk of a USDCAD bounce on risk off trading.

I am sure everyone is familiar with why one should never assume anything.

The shift to risk aversion sparked by the Standard Life Investments decision to suspend trading in its UK Commercial Real Estate Fund had an out-sized move against the dollar-bloc currenciies while EURUSD stayed relatively stable.

The stop loss was triggered for a loss of .0085 points.

— Edited by Martin O'Rourke

Non-independent investment research disclaimer applies. Read more
1y
assi assi
Hi Michael, do you think to short USDCAD here 1.2930 good idea...thanks
1y
fxtime fxtime
Bad luck Mike.
Standard Life seems to be quick of the mark with their decision imho....they aren't exactly renowned for their swift risk management/decision process.
1y
Michael O'Neill Michael O'Neill
Hi assi. Not particularly. We are in what I call the "stupid season" which is the period of bottom tier US economic releases ahead of nonfarm payrolls. And now with a dose of Brexit. USDCAD remains in a 1.25-1.31 range so there is still plenty of upside from here.
1y
Michael O'Neill Michael O'Neill
Hi FXtime: I'm starting to feel like Rocky, after round 7, in the first movie.
1y
fxtime fxtime
LOL...but he won in the end :-)
1y
Michael O'Neill Michael O'Neill
I had to get stopped so to clear the way for a EURCAD decline.
1y
fxtime fxtime
I have just looked at the charts......sods law there mate :-(

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