Day trade
Trade view / 27 September 2016 at 6:06 GMT

USDCAD: Buying setbacks after poor Asian trade

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

Friday’s strong move higher took USDCAD back above the 13 Day Moving Average.

This left our weekly outlook positive - and after initial downside was rejected - Monday prices moved modestly higher.

Our first upside target has been met and although the proximity of the 200 DMA introduces a note of caution and Asia saw a sharp setback in USDCAD, signals for sentiment are positive.

Management and risk description

A move above 1.3200 means the stop can be raised to break even or better.


Entry: Buy in at 1.3175/80 area and any dip to 1.3147.

Stop: 1.3117 offered.

Target: 1.3200, 1.3228 or even 1.3276.

Time horizon: Intraday, ending 4pm London time.

Through average
Through Average

 Asian setback
Asian Setback
 Long term
Long Term
 Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
AlanCollins AlanCollins
The market has traded through 1.3200 and so the stop should now be at break even levels.


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