Trendfollowing Entry on USDCAD

By Andres PedrazaTrade Signals


Those who know me know that I am a huge fan of trendfollowing. The USDCAD is in a definite downtrend that has confirmed itself in no uncertain terms. It has pierced the inner trend line, and is making a break through the Ichimoku kumo (cloud), the blue shaded area. Time to put some money on this. You can see in the chart that there is an outer trend line far enough below to make it worth our while, and justify the risk/reward outlook on the trade.

Look to short this pair immediately, and trade it down to the outer trend line, possibly lower. Between oil prices rising if Saudi Arabia and OPEC follow through on slowing down oil shipments, bullish for the CAD, and President Trump’s ongoing issues and habit of making them bigger via tweets, bearish for the USD, this seems to be a great setup!

Buy a subscription to any of our Trading Services, the FX CopyTrader, the FX Trading Room, or our FX Signals, and get the other two for free! No coupons needed. You'll be subscribed to all 3 automatically no matter which one you purchase!
The following two tabs change content below.
My Facebook profileMy LinkedIn profile

Andres Pedraza

Director at Special FX Academy
Founder and Director of Special FX Academy, Andres is now a full time trader, mentor, and writer. In the past, Andres has held director level positions at venerable trading exchanges including New York Stock Exchange, Euronext, and Fannie Mae. Buy his Forex Trading book here!
My Facebook profileMy LinkedIn profile

Latest posts by Andres Pedraza (see all)

Subscribe
Notify of
guest


1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback
Why You Must Have a Comprehensive Business Plan to be a Successful Trader… – Special FX Academy
6 years ago

[…] Trendfollowing Entry on USDCAD […]

0
Reply