Confessions of a Forex Trader

Looks like the USDCAD will head for parity. The market traded in a range for a few days, that’s the kind of behavior we usually see when the market reaches an important level. But right now, it looks like the USDCAD is out of that range. Take a look at the next chart:

USDCAD

My Trading Plan:

As long as the USDCAD keeps trading below the 1.0268 I will be looking for short trading opportunities. All take profit orders will be set above the parity (strong support is expected around that zone).

All long opportunities will be ignored.

Trade Safe!

Tags: Canadian dollar, Forex majors, USDCAD Analysis

This entry was posted on Wednesday, October 14th, 2009 at 11:34 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.