USD/CAD – US Dollar Canadian Dollar (6th Oct 2008)
Short term (Intraday)
1,0893. USD/CAD currency pair is in an uptrend supported by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H (Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD/CAD currency pair. The uptrend should continue to gather momentum.
We could take a long position at 1,0865. We will put the stop loss below 1,0770 (-95 pips). The targets are 1,0950 (+85 pips, risk/reward 1:0.9), 1,1000 (+135 pips, risk/reward 1:1.4).
Resistances 1,0900 – 1,0950
Supports 1,0860 – 1,0730
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October 6th, 2008 at 11:40 am
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October 6th, 2008 at 12:08 pm
[...] Forex Trading Strategies wrote an interesting post today onHere’s a quick excerpt Short term (Intraday) 1,0893. USD/CAD currency pair is in an uptrend supported by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H (Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD/CAD currency pair. The uptrend should continue to gather momentum. We could take a long position at 1,0865. We will put the stop loss below 1,0770 (-95 pips). The targets [...]