Ian Coleman - First 4 Trading
Ian Coleman of explains in a technical analysis of charts why he is buying USDCAD. He is looking to set a limit order to buy at 1.2295 with a stop at 1.2235. His targets are 1.2630 and 1.2850.
Day trade
Trade view / 04 August 2016 at 5:56 GMT

USDCAD: Slip below key average points lower

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

Initial gains confirmed our positive bias for Wednesday. But that upside proved limited-topping at similar levels to the two preceding days. The net result was only minor movement with prices continuing around the 13-day moving average without sustaining any significant direction. This means immediate signals for sentiment cannot be strong but our technical studies are left negative.

Management and risk description

A move to 1.3037 means the stop can be lowered to the entry point.


Entry: sell in 1.3065/70 area and any rally to 1.3092.

Stop: 1.3125 bid.

Target: 1.3037 and 1.3001.

Time horizon: intraday, ends 1600 London time.

Around average
Around Average
Highs rejected
Highs Rejected
Long term
Long Term
Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
assi assi
Hi Alan, is your long EURUSD early this week valid....? if yes please advice where to buy today...thanks
AlanCollins AlanCollins
Traded very close to our first target at 1.1235 but failure there has undermined the positive call and today's drift lower likely to hit stop. So don't think today is a day to look to buy....FYG daily EURUSD is on Saxo's Trademaker
Michael S. McKenna Michael S. McKenna
What are your thoughts on the resistance/potential support dynamic around 1.3077?
AlanCollins AlanCollins
I don't have 77 precisely as any sort of level personally, but the key level for me is the 13 day moving average which I currently have at 90. That's been the fulcrum for the last 4 days of trading and is capping todays price action so far. As I mentioned above I think that capping will lead to lower levels. I have to admit that current signals are not strong - all trading within Friday's range - with think that decline remains the dominant background feature.
AlanCollins AlanCollins
After finding selling interest on initial gains (marginlly short of the sell a 1.3092 level) prices are now close to our 1.3037 target. Exposure should be reduced and th stop lowered to break even


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