Day trade
Trade view / 15 July 2016 at 5:52 GMT

USDCAD: Break of average targets further downside

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: USDCAD
Price target:
Market price:
Background

Selling pressure dominated USDCAD on Thursday. The resulting fall, accelerating in later trading, produced a thirrd down day in a row. Prices have now stabilised below the key 13-day average and, despite a modest bounce in Asia, sentiment is assessed as negative.

Management and risk description

A move to 1.2880 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.2910/15 area.

Stop: 1.2956 bid.

Target: 1.2880, 1.2862 or even 1.2831.

Time horizon: Intraday, London 4pm time.

Three down days
3 Down Days
 Rallies limited
Limited Rallies
 Long term
Long Term
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— Edited by Susan McDonald


Non-independent investment research disclaimer applies. Read more
15 July
AlanCollins AlanCollins
Suggest reducing exposure around 1.2900. Sentiment still negative but momentum weaker than expected.
15 July
fxtime fxtime
A good call Alan ...1.2880 was attained :-)
15 July
AlanCollins AlanCollins
Tks fxtime - have a great weekend
15 July
fxtime fxtime
You too :-)

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