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Coleman: An end to the dollar’s rally in USDCAD
The US dollar’s strength stumbled on Monday, after 12 successive weeks of positive gains. Data from last week’s US Non-Farm Payroll provided more support for the Federal Reserve to begin increasing interest rates by 2015. Ian Coleman from First 4 Trading is closely monitoring the momentary weakness in the dollar, in particular USDCAD.
The currency pair’s sustained rally paused at USD 1.1277 last Friday, close to the peak from March. Friday’s gains were quickly lost during the sell-off on Monday. Selling has paused overnight around USD 1.1115, which is the currency pairs bespoke support level. Ian notes that there is a large ending wedge formation present suggesting a bias to the downside.
Ian is looking to sell into small rallies this morning as the bias remains bearish. He is looking to sell at USD 1.1186. His two targets for the trade are USD 1.1115 and USD 1.1070. A stop can be placed at USD 1.1222.
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01:22 minutes
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