Published On: Tue, Feb 28th, 2017

USDCAD buyers break key averages

InstaForex

Day trade

/

Buy

Trade view / 10 hours ago

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

Instrument:USDCAD

Price target:1.3241

Market price:1.3178

Background

Price action in USDCAD lacked momentum for the bulk of yesterday. The fluctuation around the 13 day moving average continued and the daily Keltner channel is broadly flat. But late trading saw strong demand develop to take the currency pair comfortably above the 13-day line and the 200-day average. An early negative reaction can’t be ruled out but our signals for sentiment are left positive for this morning.

Management and risk description

A move to 1.3197 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.3170/75 area and any 1.3148 dip.

Stop: 1.3116 offered.

Target: 1.3197, 1.3213 or even 1.3241.

Time horizon: Intraday, ending 1600 GMT.

Through averages

 Off the lows

 Long term

 All charts from CQG. Create your own charts with SaxoTrader; click here to learn more



— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more

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