Day trade
Trade view / 29 September 2016 at 6:05 GMT

USDCAD's break of key average points lower

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

Although bought at higher levels for a fourth day in a row the real story in USDCAD yesterday was a lack of clear direction for the bulk of the day.

The market remained oscillating around the 200 Day Moving Average until late trading turned upside failure into strong selling pressure that took the currency pair through the 13 DMA.

Management and risk description

A move to 1.3048 means the stop can be lowered to break even or better.


Entry: Sell in 1.3078/83 area and any 1.3099 rally.

Stop: 1.3143 bid.

Target: 1.3048, 1.3002 or even 1.2977.

Time horizon:
Intraday ending, 1600 London time.

Average caps
Average Caps

 Over sold

 Long term
Long Term
Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
Charles Asmar Charles Asmar
Good morning, Short at 1.30918 limit 1.3003
yakcay yakcay
Hi Alan. How do you feel about this trade?
AlanCollins AlanCollins
A little bored by the lack of activity if I'm honest yakcay. Nonetheless the technical reasons behind the idea are still valid, as is the risk level.
yakcay yakcay
Thanks for the update Alan.
AlanCollins AlanCollins
Momentum has not been as strongly negative as originally assessed and so I would now reeduce exposure near current 1.3070 level, lowering the stop to today's top.


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