Good Morning,
Platinum Subscribers,
We had a wonderful trade on our last technical blog where traders were sitting pretty and have taken good profits.
Last weeks sentiment on USD/CAD was fairly even with the Canadian dollar taking a bullish move followed by a correction later in the week.
This week we are looking for a fresh opportunity on USD/CAD, a fantastic breakout opportunity has presented itself to us and we would like to share this with you. The Loonie is on the verge of a big move and we are looking to fill you in on how Platinum approaches this type of opportunity.
THE CANADIAN DOLLAR: WHAT EVERY FOREX TRADER NEEDS TO KNOW
The USD/CAD tends to be a very trending par due to its correlation with the commodities especially oil. This is a relationship which can be exploited and one we take advantage of when ever there is a significant move on Oil.
TECHNICAL POINT OF VIEW ON THE USD/CAD
From the daily chart, we can see the simultaneous breakout of a bullish trendline and demand level. Breakout has now occurred and will be looking for a short from the breakout level.
USD/CAD FOREX TRADING STRATEGY
USD/CAD – Wait for a breakout of 1.3055, then on the pullback go Short @ 1.3055 with a 40 pips stop loss and a target of 1.2730
KEY TECHNICAL LEVELS ON THE USD/CAD
1.2900 – Long-term Buying Level
1.2800 – Long-term Buying level
1.3050 – Long-term Selling Level
1.3150 – Long-term Selling Level
BOOK YOUR FREE CONSULTATION WITH A FOREX MENTOR TODAY!
How to become a profitable Trader.
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Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.