June 6-10 2016 – FX Trading Plan for USDCAD

USDCAD

Daily Downtrend Bias

Daily (From swing high of 1.4695 to swing low of 1.2464) = 38.2 Resistance = 1.3306USDCADDaily

Shorter horizon:

USDCAD (1.33-1.2460 swing high swing low distance) – 886 Resistance at 1.3195

USDCADDaily886

In summary:

R2: 38.2 Resistance = 1.3306

R1:  .886 Resistance = 1.3195

Given bearish engulfing candles – trade idea is to continue shorting USDCAD given wedge type nature.

Use recent 764 resistance high of 1.31 as your stoploss and respect that as a resistance

H4 Entrypoints = Post sell limit orders

USDCADH4.png

Sell Limit at 0.618-0.50 Retracement Area or 1.3008-1.3034

Sell Stop Adds on breakdown of 1.2900

Stoploss at 1.3100

Target Profit Zone = 1.2773 (50% or half of the distance from the 1.2445-1.31 (bearish engulfing candle after the NFP report)

Duration – Entire Week.  Employ Trail stop when in favor.

USDCADH4

News Catalysts this week:

Tuesday 12:30am – FED Yellen Speaks

Wednesday: 10:30pm Crude oil inventories

Thursday: CAD 11:15pm – Governor Poloz speaks

Friday:CAD 8:30pm – Unemployment Rate, Employment changes

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