AbhishekHSinghCMT
Long

USDCAD@12th May 2016- Don’t miss the pull back

FX:USDCAD   U.S. Dollar/Canadian Dollar
62 0 2
USDCAD@12th May 2016- Don’t miss the pull back.
Last time when I drew rising trendline (red line) –I expected to trade only when pair starts moving below trendline & going below 1.2850- which never happened & pair hit a new high@1.3015..
In order to encash the opportunities –trader has to keep calm & wait for good opportunities –which is close.
Pair after hitting new high@1.3015-started moving in corrective fashion & has been consolidating for past 3 days i.e. from 9th May 2016.
Strategy:
If Pair starts moving above 1.2880 first & should successfully breach the falling channel-that will be our first clue. Sometimes it can happen that post breach of channel-pair can fall & take support of falling channel that will be the sign of good bullish opportunity or if it goes beyond 1.2950- one should remain long for new highs in the zone 1.3500 to 1.3700 where we shall complete 161.8% of the initial rise from 1.2460 to 1.3015.
One should not wait for complete target & should book partial between the rise.
Aggressive Traders:
Currently pair is trading@1.2845- if it falls in the zone 1.2785—1.2810 –it shall complete 38.2% retracement of complete rise from 1.2460—1.3015- as good zone for going long.

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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