USDCAD | New perspective
Updated
It is important to note here how the price of crude oil is directly proportional to the value of the Canadian Dollar and if we take into consideration the OPEC+ decision a couple of weeks ago to cut down production by 2 million barrels per day; the likelihood of soaring oil price remains inevitable. The consumption of crude oil has remained steady despite consumers struggling with soaring inflation and I am of the opinion that the effect of these events will begin taking its toll on USDCAD as we witnessed multiple rejections of the C$1.4000 level in the last couple of weeks by the sellers. Will there be a sell momentum in the meantime this week?
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Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade active
Still monitoring price actionGood morning
Trade active
UPDATETrade active
Still waiting for selling pressureGood morning
Trade active
Selling pressure persistTrade active
UPDATE90pips in profit; securing the sell position and lets see if the market will present an opportunity to add more position to the existing trade.
Trade active
UPDATEOver 110pips in profit as price action moves as expected. Securing position is important
Good morning
Trade active
Sorry, It escaped my mind that I didn't upload the follow-up detail here (please note that this was discussed during our live session - upload on my youtub)The second position triggered at the retest of the C$1.36000 and if a breakdown/retest of the C$1.351000 level. Trade active
Move stop-loss accordingly to protect the current position against sudden reversal as we begin to notice buying traction for the US Dollar.Trade active
We still anticipate a breakdown/retest of the C$1.35100 level to add a position.Good morning
Trade active
The sell limit triggered at the 1.36000 level... Look out for a breakdown/retest of the 1.35100 level to add another position.Trade active
Ensured stoploss is moved to break even as buying pressure is observed from the C$1.135100 in the last 48 hours hence if a breakout/retest of the C$1.36000, the option for buying increases. It is worth noting here that if a breakdown of the C$1.35100 level happens selling opportunities remain valid.Trade active
Finally taken out of the sell position as the price is currently around the C$1.36000 level where buying opportunities gradually surface.
Trade smart. Trade consciously
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