Sforex

IDEA FOR USDCAD NEXT WEEK.

FX:USDCAD   U.S. Dollar/Canadian Dollar
349 3 3
Last week, we saw U/C soared to new high, it broke all major resistance levels : 1.07, 1.08, 1.09 . The advance of U/C just halted because of bad NFP report.

U/C moved 300 pips due to weak PMI( below 50 benchmark) and high Unemployment rate (7.2%). I win 150 pips , I kept two LONG positions , you can check my past ideas about USDCAD             .

I show on the chart ranges U/C consolidate in the past. U/C sideway in the range 100pips: 1.04-1.05 and 1.06 - 1.07

The problem now is to determine what is the resistance level and the retracement level.

1.01 is a very very strong level. U/C cannot break it unless market provides enough strong data such as data last week.

I think 1.01 level will be touched, but not now: that is the problem of the future.

I have two options on the tables now:

Option 1: Range between 1.08 --- 1.09
Option 2: Range between 1.085 --- 1.095

What Option will be chosen depend on US economic data this week.

If US Retail Sales and CPI             is negative: Option 1

If US Retail Sales and CPI             is positive: Option 2

It's difficult to predict what the move of U/C next week, it looks like something hang on the sky.

Thus, I hit two pending orders:

- Limit order 1: BUY at 1.085 , target: 1.0930, stop loss at 1.08

- Stop order 2: SELL at 1.0942 ,target: 1.0874, stop loss at 1.01

I expect US retail Sales and CPI             are positie, I choose Option 2.

Sforex PRO
2 years ago
Limit order 2 hit take profit:80.4 pips gain
Reply
Great .
Reply
Amazing i really like it. keep it up Sir (y)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out