About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Pick of the Day: USD/CAD

Posted 22:30 24 April 2006 | 1

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!

Comments (1)

hello pipcrawler!
happypip | Posted 07:28 20 March 2007

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Forex Blog: Pick of the Day

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