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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August 2006

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Pick of the Day: USD/CAD

Posted 21:11 10 August 2006 | Comments

We’re seeing US dollar strengthening after the foiled terror plots (traders tend to run to the US dollar on terror news) and better than expected US economic data today. Even with good numbers out of Canada, the loonie still gave way to the greenback, a move which was also fueled by lower oil prices. After failing a few attempts to break the 1.1175 level, I see this pair in bullish mode. We’re in consolidation mode at the moment, which means a potential breakout in the pair very soon. I hope to catch a long trade, either with a breakout to the upside, or if the pair retraces down, we’ll look to get in at a nice price. Please be very careful at the beginning of the US trading session tomorrow as the US Retail Sales and Import Prices will be released at 8:30 am EST tomorrow.

Long USD/CAD at 1.1285, stop at 1.1265, pt1 at 1.1305, pt2 at 1.1335

Long USD/CAD at 1.1225, stop at 1.2205, pt1 at 1.2250, pt2 at 1.2275