Short term
/
Buy
Trade view / 21 November 2017 at 10:55 GMT

USDCAD still in 'buy dips' mode

Technical Analyst / FuturesTechs
United Kingdom
Price target: 1.2910
Market price: 1.2790
Background 

The uptrend in USDCAD remains intact and I'm looking to buy dips. As you can see from our daily chart there is an uptrend line that has been holding on dips of late and all the time we're above here we want to be long, looking for a fresh test of the late October high at 1.2917, then a move to 1.3132.

Management and risk description

Once long we can use the trendline as a reference for a trailing stop.

Parameters

Entry:  Buy around 1.2755-65

Stop: Below 1.2700

Targets: 1.2910 and 1.3230.

Time horizon: 1-2 weeks.

Chart 1: Daily Candlestick Chart
USDCAD Daily
 
Chart 2: Weekly Bar Chart
USDCAD Weekly
Source for all charts: CQG 



— Edited by Clare MacCarthy

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1y
Ziddi Ziddi
You mean to say that We need to put a buy limit at 1.2755/65 and SL 1.2700 and TP 1.2910 and 1.3230 ?
1y
Ziddi Ziddi
Ok thanks...
1y
MBANKER MBANKER
you should also draw the line from 2017 high to the last high, this is the resistance were facing here. that said im also long
1y
Ziddi Ziddi
Hit SL,,,
1y
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Trend support broken. Stopped out...

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