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 6 years ago | 12:29 AM | 18 Apr 2007 | Comments

For tonight's "Pick," we will take a look at the Loonie and the upcoming economic reports for Canada. Now, the momentum for the Loonie has been super strong, as we can see in USD/CAD. Will it continue? I think it should without a change in fundamentals and if the International Transactions in Securities report comes out infavor of the Loonie. So, we have a short bias on USD/CAD as we hope for the drop to continue, and we will short below the previous low at 1.1285.

Short USD/CAD at 1.1275, stop at 1.1325, pt1 at 1.1250, pt2 at 1.1200

Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

PS - we are still in our long GBP/USD trade. Let's hope it reaches our pt at 2.0100!

Good luck and good trading!