About Pick of the Day

Pick of the Day Author

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 01:05 08 May 2007 | Comments

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It's time to take another crack at USD/CAD! Man, this pair just won't stop... or will it? The Loonie is trading against the Greenback right above a psychologically important level at 1.10. Will 1.10 hold as support? Probably not. Today we saw Canadian Building Permits rise 27.4% from the previous month! This is just another indication the Canadian economy is strong, and later today we may have more great news for the Loonie with the release of Housing Starts. Another great number like the Building Permits number could possibly help the pair break the 1.10 level.

So, I remain short bias on USD/CAD and we may see the rest of the market position themselves short ahead fo the Housing Starts data.

Short USD/CAD at 1.0990, stop at 1.1030, pt1 at 1.0970, pt2 at 1.0950

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

Good luck and good trading!

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