USDCAD is approaching first resistance at at 1.3324 (100% Fibonacci extension , 78.6% Fibonacci retracement , Horizontal swing high resistance) where it could potentially to drop to its support at 1.3220(61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding drop is expected.
Could you please explain what just happend with the fundamentals? CAD Bank of Canada Rate Decision (DEC 5)
80 pips in 5 min?!?!?
MohKhan
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hi . is usdcad going to fo down to 1.31563 ? i have trades on now. and in the red please advise
murtuzakazmi84
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@MohKhan, ideally yes. But that may take some time. Depends when you opened your position.
MohKhan
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@murtuzakazmi84, okay i have them running now with 5usd profit. And a TP set at 1.32000. I dont have a SL in place. I was hoping to sleep now its 11pm in South Africa. I should be up in 6 hours time. Do you think trade will reach my TP or should i close before sleeping.
murtuzakazmi84
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@MohKhan, lately if I am in any sort of profit and its getting late, I put my SL below my selling price. That way, if the market does turn on you while you are asleep - you will still come on top. The TP at 1.32 may not be ideal. Since the market seems oversold, you may just want to remove the TP (as it might dip below that price point). But again, that is up to you...
80 pips in 5 min?!?!?