UNLOCK PLATINUM’S STRATEGY AND TRADE USD/CAD LIKE A PROFESSIONAL IN JUNE
Hi Traders,
We would like to say a big thank you to all the new followers and for such lovely comments on our previous article on Trading News Events. The month of June is starting and we are entering the season of Range bound market which means the liquidity starts to dry up.
As traders, we should know how to adjust according to different months and that is exactly what we do here at Platinum and most importantly, it is how we educate our clients.
In today’s article, we would like to talk about the Canadian Dollar. If you are new to FOREX trading, do not worry! Just send us a message and we can show you how easy it is to trade currencies in a free 30-minute consultation.
The Platinum Way
As most of you know, here at Platinum, we always study the fundamentals first for any currency and then move on the technicals because we believe this provides a true edge to trading the markets.
Let’s analyse and understand what is happening with the Canadian Economy
The Bank of Canada (BOC) kept its key interest rate unchanged at 0.5 per cent in the last meeting in May as it weighed the clashing forces of falling inflation and a surprising burst of economic growth. But BOC warned that these factors could be only temporary. In its statement, the central said that the heated growth in the first quarter (now on a pace to hit 4.7 percent annual rate) will be followed by “some moderation” in the April-to-June quarter. In April, the bank had forecast 3.8 percent GDP growth in the first quarter.
BOC has chosen to play the waiting game once more and is still adjusting the Canadian Economy to lower Oil prices. The Central Bank argues that this is a complete process now, but as far as the fx market is concerned, the Canadian Dollar is still very attached to Oil prices.
Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets.
IMPORTANT NEWS EVENTS TO KEEP AN EYE OUT FOR ON THE LOONIE GOING FORWARD:
- Consumer Inflation Expectation on Tuesday, June 14
- GDP m/m on Wednesday, May 31st
- Trade Balance on Friday, June 2nd
- Employment Change and Unemployment Rate on Friday, June 9th
- Core Retail Sales on Friday, June 16th
- Crude Oil Inventories out every Wednesday
Platinum’s Trading Strategy for the USD/CAD in the upcoming weeks:
- Platinum Triggers that will commence bearish trades or Short Selling
- Dovish Fed and poor US economic data
- Better than expected Canadian economic data
- Platinum Triggers that will commence bullish trades or Buying
- Worse Canadian economic data
- June rate hike from FED
- Better than expected US economic data in June
When someone first hears the words technical analysis they tend to over think and start believing that trading is too difficult and time-consuming. Believe me, every single chart that you can see that we have published is very basic just outlining how the trade is produced with the help of a Trading Strategy.
Here at Platinum, we have a belief that:
Perfect Trade = Perfect Fundamental + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management.
So with the above in mind, let’s talk about the piptastic opportunities and Trading Strategies that are coming to the Platinum Trading Floor in the month of June.
Before moving ahead ALWAYS USE STOP LOSSES IN TRADING
Understanding the Art of Buying and Holding, View Platinum’s Chart Analysis of USD/CAD Below
IMPORTANT LEVELS TO KEEP AN EYE ON FOR BUYS AND SELLS
- 1.3800
- 1.3400
- 1.3280
- 1.3000
All trades should have a stop loss, not more than 40 Pips as stated on the chart. Place alerts at these levels and watch the profitability in front of your eyes, we can have over a 200 Pips move in one day, so please learn the art of buying and holding.
THE PLATINUM WAY
At Platinum, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinums Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do making consistently profitable returns from your trading get in touch with us and we will demonstrate live exactly how we approach the markets.
Summarising
What you can see above is just one example of our detailed analysis for just one of the markets we trade and educate our students on here at Platinum Trading Academy. Just imagine what you can achieve having access to the whole of the analysis available on our Platinum Trading Floor. We have several trades coming up in the month of June and all of those opportunities are available in our member’s area. Take advantage of the next Fundamental Events such as NFP, FED rate decision, UK elections and much more.
Download a free ebook to read about the various Trading Patterns that work in the Financial Market. Watch Trades of the Week Videos in our video gallery. Subscribe to Platinum’s Forex Newsletter.
Hopefully you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.