Article / 08 October 2012 at 6:07 GMT

USDCAD - Rejects channel base; Bullish above .9720

Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Analyst / First 4 Trading
United Kingdom

In our last medium term USDCAD call we hit our second medium term target .9841 (from an entry of .9697) but selling pressure last week ‘took out’ our stop (on balances) at .9779. However, losses were rejected close to .9730, a 61.8 percent pullback level of gains from .9632 - .9887, on Friday. This resulted in price moving back inside the daily channel formation. Although we need to see a break of .9880, channel top, to confirm the continued bullish momentum, the bias is assessed to be bullish. Our call is a Bullish above a stop at .9720.

The profit targets are .9880, .9942 and 1.0000.

The risk however would be with selling through a stop of .9720.

USDCAD Daily

USDCAD weekly

1y
osama osama
Hi my friend Ian how are you doing?
1y
osama osama
what do you think about EURUSD?
1y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Hi Osama... we look for a larger correction lower (medium term)
1y
osama osama
well thanks

Disclaimer

The Saxo Bank Group provides an execution-only service and all information provided on Tradingfloor.com is solely for general information. 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 our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com. Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such should be considered as a marketing communication. Furthermore it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Please read our disclaimers:
- Notification on Non-Independent Investment Research
- Full disclaimer

Show latest activity
Dismiss
Sorry, there was a problem communicating with the TradingFloor.com servers. We are working hard to solve this. Please try again later.
Oops! There was a problem communicating with the OpenAPI Portfolio service.
Oops! There was a problem communicating with the OpenAPI History service.
Oops! There was a problem communicating with the OpenAPI Reference service.
Oops! There was a problem communicating with the OpenAPI Root service.
Oops! There was a problem communicating with the OpenAPI Trading service.
Sorry, there was a problem communicating with the Financial Calender servers. We are working hard to solve this. Please try again later.
Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail