HOW TO TRADE THE USD/CAD WITH INSTITUTIONAL FOREX ANALYSIS
Good Morning,
Platinum Subscribers,
We had a wonderful trade on our last technical blog where traders were sitting pretty and have taken good profits. The foreign Exchange markets and the stock markets at the time of writing are making some major moves and today we are going to make technical analysis simple.
Last weeks sentiment on USD/CAD was fairly even with the Canadian dollar taking a bullish move followed by a correction later in the week. When trading on the fx markets which operate 24 hours a day we are looking to take profits on the fluctuations of the exchange rate. Trading volumes are so high that this market cannot be manipulated as these are governed by the central banks.
It is important to use the learn the correct method of Forex analysis to avoid the risk of losing money.
Many clients trade via spread bets and CFDs which allows them to buy or sell with the price movements in the market. Here at Platinum, we are here to provide support via trading opportunities and personalized one to one mentoring. As a trader, you can trade many currencies in real time such as GBP/USD. USD/JPY and EUR/USD the list goes on at our forex trading academy we teach you to be a master one particular currency pair and move upwards from there onwards.
This week we are looking for a fresh opportunity on USD/CAD, a fantastic breakout opportunity has presented itself to us and we would like to share this with you. The Loonie is on the verge of a big move and we are looking to fill you in on how Platinum approaches this type of opportunity.
THE CANADIAN DOLLAR: Why forex analysis is crucial for a traders profitability
The USD/CAD tends to be a very trending par due to its correlation with the commodities especially oil. This is a relationship which can be exploited and one we take advantage of whenever there is a significant move on Oil.
FOREX ANALYSIS FROM A TECHNICAL POINT OF VIEW ON THE USD/CAD
From the daily chart, we can see the simultaneous breakout of a bullish trendline and demand level. Breakout has now occurred and will be looking for a short from the breakout level.
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USD/CAD FOREX TRADING STRATEGY
USD/CAD – Wait for a breakout of 1.3055, then on the pullback go Short @ 1.3055 with a 40 pips stop loss and a target of 1.2730
KEY TECHNICAL LEVELS ON THE USD/CAD
- 1.2900 – Long-term Buying Level
- 1.2800 – Long-term Buying level
- 1.3050 – Long-term Selling Level
- 1.3150 – Long-term Selling Level
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Hopefully, you have enjoyed today’s article and have gained great knowledge about trading opportunities and how to trade.
See you soon!
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Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.