Short term
Trade view / 26 September 2016 at 7:58 GMT

USDCAD – Buying on setbacks

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

A sequence of two up weeks ended over the last five days. Early price action saw USDCAD capped by the 200-day moving average with profit taking selling driving the currency pair strongly lower Wednesday and Thursday. But after reversing the previous week's entire net rise, demand, attracted at the 100-day line bounced prices back above the 13-day average to leave the market only marginally lower on the week. Positive signals for sentiment need to be confirmed by a move through 1.3244 but I'm looking for the topside to develop in the coming days.

Management and risk description

A move above 1.3244 means the stop can be raised to break even or better.


Entry: Buy in 1.3160/70 area and any 1.3105 dip

Stop: 1.2995 offered

Target: 1.3244, 1.3330 or even towards 1.3496

Time horizon: This week, ending Friday September 30, 12 noon GMT

Buying ExtendsBuying Extends
 Average Supports
Average Supports
 Long Term
Long Term
 All charts from CQG

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more


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