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Coleman: Trading USDCAD two ways
Ian Coleman from First 4 trading is looking to trade USDCAD two ways. In the medium-term a downward trend is expected from the currency pair, but at the market open an opportunity exists to take advantage of mild gains.
Pressure emerged in the currency pair at 1.1234 on Friday, which is the 50 percent pullback level, forming a bearish day. It should also be noted the Marabuzo from July 2009 at located at 1.1197. The bearish trading on Friday continued into Monday, until late afternoon when buyers emerged close to the previous swing low of 1.1031. Although these lower levels are anticipated to continue, the chance for a 3 wave correction towards 1.1150 exists.
Expecting to see intraday gains, Ian is looking to buy a break of 1.1100 with a stop placed at 25 pips. The target for the trade will be 1.1150. Interestingly, after reaching the target level Ian is hoping to sell into gains as a bias towards the downside emerges.
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01:33 minutes
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