Day trade
Trade view / 26 September 2016 at 7:39 GMT

USDCAD focus on 1.3300

Analyst / PIA First
United Kingdom
Instrument: USDCAD
Price target:
Market price:

USD Index daily: Still holding on to a mild bullish bias for the US dollar as long as we can stay inside the daily channel. Support located at 94.80.

Source: Saxo Bank 

The four-hour chart looks to be forming a bullish ascending triangle pattern. A break of 96.25 is need to confirm a breakout. 

Source: Saxo Bank 

USDCAD weekly: For the last 23 weeks trading has been mixed and volatile while we move higher within the corrective channel formation. The next upside barrier is 1.3300-10 area. This is the weekly Ichimoku Cloud and the 38.2% pullback level from the 1.4688-1.2459 move. The majority of last week’s initial selling was recaptured. 

Source: Saxo Bank  

Daily chart highlights a full AB=CD formation at 1.3490

Six-hour chart: A strong move up from 1.3000 keeps the focus for higher levels. We are either in a bullish channel formation or an Ending Wedge. 

The trend of higher highs (for the Ending Wedge) is seen at 1.3300, close to the first weekly barrier. This will be our target. 


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Source: Saxo Bank


Entry: long two units at 1.3158.

Stop: 1.3120.

Target: 1.3230 and 1.3300.

Time horizon: one or two sessions.

— Edited by Michael McKenna

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