About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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Pick of the Day: USD/CAD

Posted 22:54 12 July 2006 | Comments

In the last few trading sessions, we've seen the USD/CAD rise in an impulse wave pattern. This rise is probably due to the dovish comments on future monetary policies from the Bank of Canada and rising strength in the US dollar due to geopolitical reasons. Will the trend continue? I think so, but it may be short lived. We may see resistance at the 1.1400 level. Before you take this trade, please be consciences of the US weekly jobless claims at 8:30 am EST and Bank of Canada Monetary Policy update at 10:30 am EST. Here's a couple of long trade ideas:

Long USD/CAD at 1.1360, stop at 1.1330, pt1 at 1.1385, pt2 at 1.1400

Long USD/CAD at 1.1300, stop at 1.1260, pt1 at 1.335, pt2 at 1.1355