Usdcad?

Trading Discussion Currencies
1

looks like we have a bit of support right now I am long the USDCAD right now. Major support was hit at 1.0415 the only way I would either hedge this one or cut my losses in this case would be if there were a drop below that support, then a short would be valid to 1.02ish. that’s what I am seeing right at the moment.

I hope that helps anyone looking at this trade

Pinnacle Forex Group

2

Hey,

is the possible target now for usdcad 1.02?

thank you…

3

I think it is extremely likely at this point to retest the 1.0245 level before we see any major rally. thanks for the question.

4

Other than support, what other reasons did you have to go long?

I ask, because I shorted the pair and am up 70+ pips at the moment. I saw a trendline break on the retracement and a bounce off the golden ratio from the previous uptrend.

I do agree on the short target. I have it set right now at 1.02

6

The original plan was more on what I was seeing on a Daily and H4 level, what to prepare for. the daily charts have been oversold for quite some time now, it’s actually been running in a downward channel for quite some time now. When the original post was made it looked like we were pushing that channel and we had a close that broke it on 02/08/2010. that level ended up being a false break so we took a very small profit and exited the trade. We reentered short when the market turned back into the channel and we made profit as we sold it back down on the shorter time frame support and weekly levels. We actually use the longer time frames as well as shorter ones when we are looking for a position. I hope that makes sense.

7

Thank you for all the reply but still I see it complex to manage the pair, before it was link to the oil price, and I think today there is no connection at all…
Is it possible that the price goes below 1.02?

Any comment please?

8

Makes sense. Except, drop the “we” part please. I get that you want to legitimize your position here as a representative of some company. Plenty of people sell signals and they represent themselves solely as an individual.

Nothing wrong with being a one man show, mate.

Unless of course you’re one of the Borg. Then by all means continue on.