Saxo Group Videos

Why I'm selling USDCAD: Lambert

Clive Lambert of FuturesTechs explains why he is trading USDCAD.

On Wednesday USDCAD hit 1.3210, which is a Fibonacci level and according to Lambert is the 38.2% retrace of the sell-off we saw from late December to late January.

Lambert also points to yesterday, where we saw selling to move further away from 1.3210 and where a red candle with Marabuzo resistance was posted at 1.3135.

According to Lambert this is an area that looks interesting on the intraday timeframe charts.

So Lambert is looking to sell a rally to 1.3130, place a stop above 1.3170-75, and look for further weakness back to the 1.2969 low from late January. His timeframe is one week.

Clive Lambert explains the background to a selected trade every Friday on Trading Floor.

FULL DISCLAIMER

NON-INDEPENDENT INVESTMENT RESEARCH AND RISK WARNING

01:38 minutes
Tags: clive lambert futurestechs, currency pairs, currency trading, forex, saxobank.com, saxotradergo, tradingfloor.com, usdcad

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