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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April 2006

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Pick of the Day: USD/CAD

Posted 22:30 24 April 2006 | Comments

Welcome back to another wonderful week of forex trading! Hopefully, we can catch some pips this week and continue the streak. Here is today's pick:

Well, the US dollar has been beaten up across all currencies for the past, including the loonie. Today's pick is in hope that we will see continued weakness in the dollar, plus we will hear from the Bank of Canada on their interest rate policy.

Short USD/CAD at 1.1338, stop at 1.1375, PT1 at 1.1318, PT2 at 1.1290

Now in the event that we see a surprise from the BOC in that they keep rates the same we may see a move to the upside in favor of the US dollar. Here's a trade idea in such an event:

Long USD/CAD at 1.400, stop at 1.1365, PT1 AT 1.1420, PT2 at 1.1450

Good luck and good trading!