If you’d like to find out more about this order and many others, check out my personal trading blog. I’m seeing weakness on USD and strength on CAD on a number of currencies. Moreover, USDCAD pulled back to the 50 SMA, and is at a 50% retracement from a swing high to low. Price is clearly in a downtrend. With all these factors, I decided to short at 0935 with my stop at 0975. My target profit is 0703, so I’m looking to gain 232 pips while risking 40 — thus giving this trade a reward/risk of over 5.75.

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The US dollar erased intraday losses versus the Canadian loonie amid declining gold prices and a heavy slate of US economic data.

The Canadian dollar lost early momentum in the North American session as the global financial markets absorbed a steady stream of US data that was mostly positive. The pair’s outlook is far less decisive, however, as investors are still apprehensive about bidding up the greenback.

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Check out more information about about this trade and many others on my personal trading blog. USDCAD has been trending down of late, but has recently pulled back to a resistance level where it is forming an inverted hammer. I’ll take this as a sign the downtrend is ready to resume, and so am entering at 0904 with my stop at 0966. My target profit is at 0703. I’m risking 62 pips to gain 201, so the reward/risk on this trade is about 3.24.

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USD/CAD has been struggling to extend above 1.10. Traders during the 4/29 session traded it below 1.10 after failing to clear 1.1050. Bearish outlook: The 4H chart shows that the bearish price action was relatively much sharper then the previous bullish action from 1.0858 to 1.1052. This could be a swing that can extend the previous swing from 1.1278 to 1.0858. Failing to break above the 200 SMA in the 4H chart also suggests that the pair could be shifting from neutral to bearish in this time-frame…

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By: Dima Chernovolov This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.   Autochartist recently identified the Inverse Head and Shoulder chart pattern on the 4-hour USD/CAD charts – as you can see from the following trade opportunity alert for this currency pair. USD/CAD is expected to rise to…

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