Forex Technical Analysis, USD/CAD Daily Forecast June 3, 2016
Technical Analysis – The USD/CAD pair rose during the course of the session on Thursday, as we continue to see strength in the US dollar against the Canadian dollar. Oil markets struggle, and that of course propels the US dollar higher against the Loonie. With this, if we continue going higher, and more and poorly break above the 1.32 level, I’m a buyer of this pair as we would continue to go higher over the longer term. Pullbacks at this point in time should be supported somewhere near the 1.30 handle below as it has been important more than once.
In Other View Point – USDCAD – BULLISH Strategy
Go long the USDCAD if it trades at 1.3149 or higher. If triggered, place your stop at 1.3038 and exit the position for a profit at 1.3232 or at your own discretion. (Signals are valid for 1 day only. Always invest wisely). In this signal you don’t get the following: 1. How to identify the trade setup 2. How to identify short term trend 3. How to protect gains in your trade 4. Market deciding price exit for large moves in the market 5. Money management 6. Buy/Sell line which let you know when to buy or when to sell 7. Rules of gap opening Learn the rules of a strategy.