USD/CAD

comdollsff

Let’s take another look at USD/CAD as it has fallen back to parity and possibly a reversal point from the down trend.

On the chart, we can see a very basic support play setting up as the pair touches 1.0000, where it has found enough buyers to push it back up in recent past. Stochastics are at oversold levels indicating the move from 1.0250 to 1.0000 may have lost some steam.

Oil has now run up to $124/barrel from a recent low around $113/barrel within the last week. That run may be overdone in the short term as a well, so a small pullback may be in the cards for that commodity and the Loonie within the next few trading sessions.

So, we will play the support area on USD/CAD in hopes to catch a correctional rally. Since we are playing against the trend, we will keep the stops tight.

Long USD/CAD at 1.0000, stop at .9950, pt1 at 1.0050, pt2 at 1.0150

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned and good luck!

  • demontez

    Hello Happy pip,
    When will be the right time to enter this trade as it is now coming down to the 1.0000 mark. it hit the 1.0000 earlier on this morning i mean 7am G.M.T. up to 1.0080. So have i missed the entry point or is it about to happen?

  • demontez

    Hello Happy pip,
    When will be the right time to enter this trade as it is now coming down to the 1.0000 mark. it hit the 1.0000 earlier on this morning i mean 7am G.M.T. up to 1.0080. So have i missed the entry point or is it about to happen?

  • pakiestra

    I’ve already banked 60 pips – big thanks HappyPip. Can you give your opinion on AUS/USD, has it done its multi-year highs ? (and it’s a high time to start shorting it?) or other ComDolls currently on your radar.

  • happypip

    It looks like the pair isn’t going to make another attempt at parity anytime soon. I think I may close open orders. As far as AUDUSD, I see this pair remain rangebound and I wait to see what happens when it hits .9300. That may prove to be a buying opportunity. We’ll have to wait and see.

  • pakiestra

    I’ve already banked 60 pips – big thanks HappyPip. Can you give your opinion on AUS/USD, has it done its multi-year highs ? (and it’s a high time to start shorting it?) or other ComDolls currently on your radar.

  • happypip

    It looks like the pair isn’t going to make another attempt at parity anytime soon. I think I may close open orders. As far as AUDUSD, I see this pair remain rangebound and I wait to see what happens when it hits .9300. That may prove to be a buying opportunity. We’ll have to wait and see.

  • nizarroy

    hi happy pip, is it possible to get email when the comdolls trade is published, like the first three onthe list, thank you

  • nizarroy

    hi happy pip, is it possible to get email when the comdolls trade is published, like the first three onthe list, thank you