USDCAD Tries Bouncing Off Near Key 1.25 Level
The USDCAD is trying to stabilize after 2 days of healthy profittaking, hovering just above triangle support (on the 4hr chart) and uptrend support (on the daily chart). Significantly, the USDCAD’s consolidation as seen by this week’s weekly Gravestone should be coming to completion soon with the USDCAD having drifted back to near the weekly chart downchannel resistance and the psychologically key 1.25 whole figure level. Odds are moderately low for the USDCAD to further slide before month end, below the 50% Fib Retrace of the June-July rally. Congratulations to Premium Subscribers alerted to the early signs of a major bottom on Jun 10th. The weekly RSI, Stochastics and MACD are rallying or consolidating recent gains, but weighed by the daily MACD which is attempting a negative crossover. I am looking at going long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here for analysis on USDCHF, WTI CRUDE
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Tradable Patterns and is being posted with permission from Tradable Patterns . The views expressed in this material are solely those of the author and/or Tradable Patterns and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.