USDCAD AB=CD Complete at 1.2966 1.618 EXT @ 1.2990 Horizontal Support between 1.2935-1.3042 USOIL is approaching 40.20 the reversal point Prepare to Long USDCAD when price get into the zone. You can use multiple entry to create your position: eg. 1/3 @ 1.2990 1/3 @ 1.2966 1/3 @ 1.2535 SL should be below 1.2900 Taregt: 1.32 and 1.36
Comment
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1.2935 not 1.2535, typo
Trade active
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1.2990 order filled
Trade active
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1.2966 order also filled
Comment
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Reversed Nicely and update TP1 AND TP2
Comments
FxTyrant
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any chance to get to 1.40 as your chart suggests??
tntsunrise
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TP2 IS 1.4015
dead2live
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As a rookie, I'm looking into this. Following good fx fundamentals traders and so expert equities and securities traders.
First, USDCAD (related to oil) is very unstable to predict. Most don't see it breaking 1.32 unless the dollar gets hit hard. All agree that April and August can be favorable to USDCAD because of fuel consumption but agree that fuel consumption does not trump other factors. About a week to ten days stability right now for USDCAD until the OPEC meeting which could change everything in the interim. For the long term, excellent fundamental traders of equities do not see oil remaining, but dropping back. I'm not here to debate oil, that seems controversial, but sharing wisdom of million-dollar traders who willingly gave me their time for speculation on USDCAD. Since you were kind to share your projections, I felt it good to do the same.
Good luck to all.
tntsunrise
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Thank you. But I dun get your opnion, so you are saying USDCAD going up or down?
dead2live
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CL to 30 then 20/25 imho
FxTyrant
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Really looking forward to this trade to turn out well :)
the USDCAD has been falling for 9 weeks straight without any retracements, its horrible...
FxTyrant
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Where best to place Stop Loss??
forexmech
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Got in now @ 1.2991
thebaface
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Hi Jack, i am kinda new to forex but i want to seek some clarification. oil is at 40.2 doesnt that mean a rise in the cad hence as short in the trade?
tntsunrise
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OIL GO UP, USD CAD GO DOWN. OIL HIT 40.20 FACE RESISTANCE, SO USDCAD is long trade