Medium term
Trade view / 09 September 2016 at 13:27 GMT

UPDATE: USDCAD hits Head and Shoulders target

Analyst / PIA First
United Kingdom
Instrument: USDCAD
Price target:
Market price:
Background

Further to yesterday’s bullish call on USDCAD, we have reached the Head and Shoulders target level. Stops on balances can now be moved to entry (1.2874) to look towards 1.3480 over the medium term. 

Entry: long one unit at 1.2874. Will buy another unit on a break of 1.2900
Stop: initially 1.2835. On a break of 1.2900 then a trailing stop of 40 pips
Target: intraday 1.2990. Medium term 1.3480 (2-3 weeks)
Time horizon: Medium term 1.3480 (2-3 weeks)

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
09 September
bancodemon bancodemon
Ian, I missed the entry on the initial trade and wonder if it's too late to enter...daaaamn
09 September
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I wouldn't from these levels (personally)
09 September
bancodemon bancodemon
I agree. Thank
09 September
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
have a great weekend
09 September
bancodemon bancodemon
you too buddy.
10 September
John Shaw John  Shaw
Thanks Ian. Have a good one.
10 September
Yogesh Sinha Yogesh Sinha
Hi Ian, for next week, Is it possible for the USDCAD to retrace a bit below 1.30 before it goes towards 1.31 or above? In fact I went short @1.30 after your first target was hit. my stop is 1.3105. Looking for your suggestions on levels to be careful about
12 September
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I think it is overbought ta these levels. Cloud top ans a Fibonacci extension so I think we could get a pullback (to buy into. Strong support at 1.2980
12 September
Yogesh Sinha Yogesh Sinha
Thanks Ian.

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