USD/CAD Long by littlebopip

system · February 7, 2013, 9:20pm

Pair: USD/CAD

Timeframe: 4-hour

Long or short: Long

Trade rationale: USD/CAD appears to be retracing to the .9950 handle and finding support there this week. There’s a bullish divergence on the 4-hour time frame suggesting a potential rally later on, and the jobs report could be the catalyst for today. BOC has withdrawn its hawkish remarks and highlighted the weaknesses in the Canadian economy so a weak jobs figure could push back their rate hike schedule further.

Entry: .9950

Exits: SL at .9920, PT at 1.0120

Reward-to-risk: A little over 2-to-1 as I have a 30-pip stop and a 70-pip target.

Chart:

garuhhh · February 9, 2013, 7:13am

good luck with your trade! The prices moved according to your plan.

DRA · February 9, 2013, 12:09pm

Have a similar long going for a few days now. Only difference is that we use two different lows to draw the fibs. If I was entering from the daily I would have used that low.