Trading The Canadian Dollar’s Next Big Move
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: WHAT EVERY FOREX TRADER NEEDS TO KNOW
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 when ever there is a significant move on Oil.
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.
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
How to become a profitable Trader.
If you are a new trader and would like to learn how to trade, then sign up today to our 2-day free Foundation to Forex Trading Course. We have just introduced this as in the last month we have had a lot of inquiries on learning how to trade the financial markets. We can get you on the successful path of becoming a Financial Trader.
Hopefully, you have enjoyed today’s article and have gained great knowledge about trading opportunities and how to trade.
See you soon!
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Trading Floor.
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