Day trade
Trade view / 28 July 2016 at 6:00 GMT

USDCAD's sharp reversal to deepen

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

USDCAD remained near the top of a positive Keltner channel for the bulk of yesterday. But in volatile late trading a move to the highest levels since March stalled, and reversed, outside the top of the channel and short of the 200-day moving average.

The resulting setback took prices back to unchanged levels but although the market stalled at Monday’s Marabuzo line. 

Management and risk description

A move to 1.3110 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.3135/40 area and any rally to 1.3175.

Stop: 1.3214 bid.

Target: 1.3110, 1.3088 and 1.3056.

Time horizon: Intraday, ending London 4pm

Upside rejected:
Upside Rejected
Source: CQG
 
Selling deepens:
Selling Deepens
Source: CQG
 
Long-term:
Long Term

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Source: CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
1y
Michael S. McKenna Michael S. McKenna
Hi Alan, does this model take into account WTI crude price action given the longstanding CAD correlation?
1y
AlanCollins AlanCollins
Hi Michael. This is not a model. Just my interpretation of technical signals.
1y
AlanCollins AlanCollins
with 1.3110 met, the stop can be lowered to break even and the sell raly strategy cancelled

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