Day trade
Trade view / 09 September 2016 at 13:30 GMT

UPDATE: USDCAD range play opportunity

FX Trade Strategist /
Instrument: USDCAD
Price target:
Market price:

The original trade view expected USDCAD to rebound toward the top of its recent range which is what has happened.  The break above resistance at 1.2970 set the stage for the rally occurred despite a bullish looking large draw down in crude oil stocks as reported by the EIA.

USDCAD also rallied even though Canadian employment data was modestly better than expected.  Taken together, these two events suggest that additional upside above 1.3050 may get sticky.

Close the position at the current market 1.3010 and book a profit of 0.0114 points.

Note the original position was 1/2 the usual size. The second order was not filled. The trade was updated this morning. It recommended  raising the stop loss and taking profit on ½ of the existing position at 1.2938 for an average rate on the balance of 1.2896.

Original Parameters
Entry: buy ½ USDCAD at market (1.2910), balance at 1.2860.
Stop: 1.2810.
Target: 1.3050.
Time horizon: five days.

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
Fotisd Fotisd
Thank you Michael - excellent call..


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