Tuesday, December 16, 2014
New Signal USD/CAD
*Trade Update: As of 12/16/2014 22:38 The Global Currency Scalper is canceling our order as we do not want to be stuck in a position heading into the FOMC meeting on 12/17/2014.
As of 12/16/2014 11:12 EST:
We have identified USD/CAD as a possible long trade. The trend of the 1 hour, 4 hour and daily chart is clearly to the upside. Looking deeper into the 1 hour time-frame you can see this pair had broken its channel and traded above it for several hours on 12/15/2014. It has since pulled back into its channel and is continuing to trade sideways.
The Global Currency Scalper is expecting the USD/CAD uptrend to resume and are looking to go long at or above 1.16485 with targets up near the figure of 1.17000. The near-term support comes in at 1.15910 and if broken we will turn neutral on this pair.