Day trade
/
Buy
Trade view / 09 May 2018 at 6:50 GMT

USDCAD supported by averages, sentiment points higher

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 1.3022
Market price: 1.2955
Background

Monday's buying from the 13-day moving average extended, confirming yesterday's, and this week's, bullish bias. Gains of more than a big figure took USDCAD to the most bullish levels traded for seven weeks and to test a Marabuzo line created seven weeks ago. That point held and with intraday signals for sentiment overbought, there is scope for profit taking. Nonetheless the underlying bias remains positive and we look for the currency pair to track the Keltner channel above 1.3000.

Management and risk description

A move to 1.2973 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.2945/50 area and a 1.2923 dip

Stop: 1.2893 offered

Target: 1.2973, 1.2998 and 1.3022

Time horizon: intraday, closing 15:00 GMT

Above Averages
Above Averages
 
Marabuzo Line

Marabuzo Line
 
Long Term
Long Term
All charts from CQG

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09 May
marran marran
Hi Alan i have just noticed you seem to have changed the time for closing trades from 4pm to 3pm? any reason for this?
09 May
AlanCollins AlanCollins
Not really, Its the same time but not really sure whether people will prefer GMT or BST. Overall its always 4pm London time
09 May
marran marran
Ah right! Good luck with this trade
09 May
alki alki
Good morning Alan. With oil running like a scared dog could be tricky to sell CAD...
09 May
AlanCollins AlanCollins
As a technical analyst I'll leave why things moves to brighter people than me. Just analyse the shapes and the oscillators to determine direction....Anyway on this one I think th eboat may have been missed as the first 1.2973 target has been met. Be interesting to see if it has the legs for 1.2998 which is, imo, a very important point (closing basis)
09 May
RadimmFX RadimmFX
Hi Allan, is this trade opportunity still valid? It does not seem we have missed the boat.
09 May
AlanCollins AlanCollins
No , its not still valid . As soon as first objective met it becomes invalidated... anoither idea tomorrow
6d
marran marran
im assuming Alan is not posting any more?
6d
JVKNL JVKNL
Holiday?
6d
AlanCollins AlanCollins
I'm on holiday this week. Hopefully they'll be a call posted next Monday
6d
JVKNL JVKNL
OK Enjoy, see you next week.

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