Sforex
Long

Idea for U/C next week

FX:USDCAD   U.S. Dollar/Canadian Dollar
252 1 1
Fundamental Analysis:

The recent new I want all traders should pay attention:
- http://www.marketwatch.com/story/oil-falls-sharply-after-iran-nuclear-deal-2013-11-24

This is a very important event, the deal between Iran and major world powers last Sunday will abolish many commercial barriers which help Iran reexports oil             . This causes pressure on oil             price because Iran is one of 10 oil             export countries all over the world. You can refer in: http://en.wikipedia.org/wiki/List_of_countries_by_oil_production

So if Iran begins to foster to export oil             , oil             price will decrease greatly. Supply increase, demand unchange ---->; price decrease as a result.

Like I said in this topic:
Traders should pay attention into Corelation between U/C and OIL


Traders should not abandon the corelation between OIL             and Canadian dollar             because Canada is a large oil             export country : 6th in above list. Thus, oil             price decreases would lead to U/C rises up.

Next week , there is no major economic data from Canada, I consider data from USA.

- Consumer Confidence on Tuesday
- Durable Good Orders on Wednesday.

I bet on Good Data. Benefit for USD.

Combine two sources of information, I believe U/C will rally to 1.06 key level.

Technical Analysis:

- Two major trend lines was broken in the Asia session. Bullish signal for U/C
- Hidden divergence between Stoch and Price. The result of this divergence is bullish trend for U/C

Targer: 1.06

Stop loss: 1.05 I show on the chart.

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Sforex PRO
3 years ago
Confirm U/C touched 1.06 level
Reply
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