Day trade
Trade view / 16 September 2016 at 5:54 GMT

USDCAD: Rejection of highs to deepen temporarily

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

USDCAD was bought to higher levels for a sixth day in a row on Thursday. But with levels outside the top of the Keltner channel, near the 200-day average and at overbought extremes, a reaction was seen. The net decline was not extensive but was the most negative performance for seven days and, although the lows were not maintained, was enough to leave the immediate term negative, looking for temporary profit-taking to deepen.

Management and risk description

A move to 1.3130 means the stop can be lowered to break even or better.


Entry: Sell in 1.3160/65 area and any 1.3181 rally.

Stop: 1.3217 bid.

Target: 1.3130, 1.3108 and 1.3081.

Time horizon: Intraday, end 1pm London time.

Higher highs for USDCAD
Higher Highs
 Highs rejected
Highs Rejected
 Long term
Long Term
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— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more
Michael Liu Michael Liu
Follow this, haha
Crispee Crispee
did you double up at 1.3181...still looking good for a downturn in the next few hours? holding over release as the stop is very close?
AlanCollins AlanCollins
basically, yes. Stop is close but I feel its in the right place.
Crispee Crispee
cool...lets see...i am there with you Alan!
Crispee Crispee to play another day...still think this is headin down longer term
AlanCollins AlanCollins
yes, shame as you say. Technicals suggested some intraday scope but not to be. However, longerterm I have to disagree. There's been a volatile but broad range for some time going back to May and follow through either side has been temporary. However, think the topside is the weaker. Weekly close above 1.3300 would confirm that with potential to 1.3575/3840 area. Have a great weekend


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