Tag: Canadian dollar

USDCAD: Bounce or breakout?

Right now the Canadian dollar is trading at an important support level: low created the first days of June plus it was an important resistance level from August to September last year. But, hot is this going to help us take a better trading decision? Ok, first let’s take a look at the next chart:

USDCAD
USDCAD

When we see the market trading at an important long term support or resistance level, it usually trades in a short term range, the short term range for the USDCAD right now is between 1.0877 and 1.0789. So I will wait for a breakout of wither side and look for trading opportunities in the same direction.

My Trading Plan:

If the USDCAD breaks 1.0877 for the upside, I will start to look for long trading opportunities targeting next LT resistance level placed at 1.1197.

If the market breaks 1.0789 for the downside, I will look for short trading opportunities targeting next LT support level around 1.0318

Good luck

Raul Lopez

Canadian dollar, USDCAD Analysis

USDCAD: Looking for long trades

The USDCAD recently broke a major resistance level located at 1.1457, it has no clear resistance level before 1.1817, so there is a long way to go. In the short term charts the USDCAD is also trading above all short term levels.

USDCAD
USDCAD

My Trading Plan:

Only long trades are in play, so as long as the market keeps trading above all short term important levels, I will be looking for long opportunities. All take profit orders will be set below the next resistance level around 1.1817

All short trading opportunities will be ignored.

Good luck!

Raul Lopez

Canadian dollar, USDCAD Analysis

USDCAD: Longs in Play

Earlier today, during the Asian and European sessions, the USDCAD broke a major resistance level around 1.1457, as long as the market continues to trade above this level, it should reach the next major resistance level around 1.1817. Right know we are trading at 1.1533 (close to 300 pips below the next resistance level):

USDCAD
USDCAD

My trading Plan:

As long as the USDCAD continues to trade above the main resistance level (1.1457), I will be looking for long opportunities targeting the next major resistance level around 1.1817.

All short trades are out of play.

Good luck!

Raul Lopez

Canadian dollar, USDCAD Analysis

USDCAD, ready to test highs?

Hello Traders,

Back and ready to start posting analyses, and forex related info in our blog! So from now on expect our blog to be updated at least once a day!

Would like to start with the chart I think has the greatest probability of moving, it would be the USDCAD.

The Canadian Dollar has been moving in a long term range in between 1.2985 and 1.1870, in the previous days it broker a medium term resistance level placed at 1.2335 thus having no more resistance levels in its way up to 1.2985. I think the market is headed that way.

When analyzing the short term charts, I see a good support level at 1.2564, so as long as the market keeps trading above 1.2564, I’m going to be looking for long opportunities in the short term charts, looking to take profits around the long term resistance level (1.2985).

I will update you if something important happens with this chart.

RL

Canadian dollar