USD CAD Technical Analysis | USD CAD Trading: 2014-12-05 | IFCM
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USD CAD Technical Analysis - USD CAD Trading: 2014-12-05

NonFarm – trader's day

Here we consider the USD/CAD currency pair on the H4 chart. The price is moving upwards within the W1, D1 and H4 price channel: bullish trend is observed for all the timeframe scales. ParabolicSAR historical values confirm the H4 trend line and cross the lower boundary of Donchian Channel. The last candlestick bar broke the upper triangle side, indicating a new bullish momentum. It is better to wait for a confirmatory signal on the part of the RSI-Bars oscillator: the resistance breakout at 64.8927%. We believe that this signal would coincide with the price level intersection at 1.14245. This mark can be used for opening a pending buy order. The necessary price fluctuations will likely to appear after the Non-Farm Payrolls release at 14:30 CET. Stop Loss is recommended to be placed at the Donchian Channel lower boundary 1.13181, strengthened by Parabolic historical values and the Bill Williams fractal.

USD/CAD

After position opening, Stop Loss is to be moved after the Parabolic values, near the next fractal low. Updating is enough to be done every day after a new Bill Williams fractal formation (5 candlesticks). Thus, we are changing the probable profit/loss ratio to the breakeven point.
PositionBuy
Buy stopabove 1.14245
Stop lossbelow 1.13181

Dear traders. For the detailed report of the strategy based on analytical issues of technical analysis click here.


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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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