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Trade of the Day
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Trade of the Day
Sat, Oct 31 2009, 16:12 GMT
by Casey Stubbs
Yesterday I shared a possible trade setup on the today I thought I would write about the Usd/Cad. The price in this pair has been trending up and is about to break the downward trendline. If this trendline is broken on the daily chart that will be a good entry point long for the Usd/Cad.
The current resistance level of 1.0820 was tested at the end of the day Friday and the next level of resistance will be 1.000 level. If we see the price open above the or move above the 1.0820 look for the price to move towards the 1.000 resistance level.
Daily Chart
This could be a turning point for the short term. Watch the trendline break and look for an entry to the upside. On the 1 hr chart there is an ascending triangle and the price broke through the top at the end of the trading day on Friday which indicates that November could be a strong month for the Usd/Cad.
To sum it up: If the price breaks the trendline enter long.
Published on Sat, Oct 31 2009, 16:14 GMT
Archive
- Trade of the Day
Published On Tue, Nov 24 2009, 01:46 GMT - Trade of the Day
Published On Mon, Nov 16 2009, 23:27 GMT - Trade of the Day
Published On Sat, Nov 14 2009, 15:21 GMT - Trade of the Day
Published On Wed, Nov 11 2009, 17:34 GMT - Trade of the Day
Published On Tue, Nov 10 2009, 16:52 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.