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
Great .
Amazing i really like it. keep it up Sir (y)
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