USD/CAD bullish sentiment [June 12, 2017]
Updated
Trading with caution, this week will be very volatile with high volume,
also the FED decisions will greatly affect the market.
I will update as soon as possible if there are any newest developments.
You can adjust the screen scale for bigger font sizes.
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Trade setup
Suggested entries :
Take profit : 1.363 (possible up to 1.38).
Stop loss : 1.32 is preferred SL to anticipate price volatile.
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Point of view
- market already pricing in 13-14 June us rate hike.
- if price action reject 1.35 then we should be cautious.
- oil price (usoil chart) can retest $47.
Technical points
- support at weekly sma50 & sma100 at 1.328.
- resistance at daily sma50 at 1.35.
- minor trendline from January 31, 2017 lows.
Critical event
- FOMC statement on June 14.
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FAQ
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This is my personal analysis that you should not accept as it is without any consideration of your own analysis. If you have any other opinion about this pair, i am very welcome. Thank you.
also the FED decisions will greatly affect the market.
I will update as soon as possible if there are any newest developments.
You can adjust the screen scale for bigger font sizes.
--------------------------------------------------
Trade setup
Suggested entries :
- 1st entry : 1.343 with only 1/5 of your normal position size.
- 2nd entry : 1.333-1.338 with the rest of your normal position size.
Take profit : 1.363 (possible up to 1.38).
Stop loss : 1.32 is preferred SL to anticipate price volatile.
--------------------------------------------------
Point of view
- market already pricing in 13-14 June us rate hike.
- if price action reject 1.35 then we should be cautious.
- oil price (usoil chart) can retest $47.
Technical points
- support at weekly sma50 & sma100 at 1.328.
- resistance at daily sma50 at 1.35.
- minor trendline from January 31, 2017 lows.
Critical event
- FOMC statement on June 14.
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FAQ
- Why the entry are so low at daily sma 100?
Just in case, because after I look at the USOIL chart, there is a possibility of a rebound for the price of oil. Besides that I also anticipate retest of May 25 low candle. Be alert with under trendline false break. - Where is the target profit?
61.8% fib retracement of the last swing down at 1.363. - Is there any chance of retest upper trendline?
yes.
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This is my personal analysis that you should not accept as it is without any consideration of your own analysis. If you have any other opinion about this pair, i am very welcome. Thank you.
Note
UPDATE, June 13, 2017USD/CAD pair dropped i expected, now let''s not try to catch a falling price, we'll wait and see until tomorrow if there is a rebound from 1.327 and a bullish candle. Prepare yourself for today US CPI & retail sales data.
Note
Possibly a reversal point, will be watching tomorrow for entry confirmation..Trade active
UPDATE June 14, 2017, I do myself take a little position ahead of the FED press conference. Entry 1.322, SL 1.317 , TP 1.35. High SL/TP ratio. It's kinda like a bet right now, Good luck!Note
UPDATE June 15, 2017, We are floating in happiness! move SL to entry,Note
well break-even, sad story.
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