Starting from next week, I am going to provide add the USD/CAD forex pair to my daily review (Sunday to Thursday, for the next trading day) and my weekly review (on Sundays). I hope you appreciate the effort and such review is useful for your trading.
Also my last review for the USD/CAD pair is dated March 10th, 2013 so it was long due for an update (I don’t actively trade the US Dollar versus the Canadian Dollar, but I will now start reviewing it regularly).
Please find below my latest video-analysis for the USD/CAD forex pair recorded on Saturday June 15th. This recording will also be included in Sunday’s June 16th newsletter only reserved to subscribers (see below how to get your free registration):
The USD/CAD is in a long-term bear, with ‘recent’ resistance showing on the weekly chart at the 1.0560 area. This resistance area was tested in the second part of 2011 and has a target below into the 0.88 area. This is the long-term target for the USD/CAD if we get US Dollar weakness as anticipated.
On the daily chart we have a sequence started at the end of September that failed recently and the market showed it’s first leg downwards in the last two weeks. If we get a retrace higher this market could be entered short at 1.0270 or 1.0290 with a stop above 1.0325. Check my newsletter on Sunday for the exact levels and a clear trading plan.
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