Buy the Greenback, Sell the Loonie
From the Desk of Ian Culley @IanCulley
Last week’s tactical setups are heading toward our targets as G10 currencies lose ground against a rising dollar.
If you let the pound or kiwi trade pass, fear not.
The US dollar/Canadian dollar pair is entering our wheelhouse…
Check out the greenback-loonie challenging a key retracement and former resistance level at approximately 1.36:
I placed a stop order above last Friday’s high of 1.3606.
A decisive upside resolution above that level puts the USD/CAD in play with a target of 1.3850.
If my order fills, I’ll play this one tight since the dollar-cad trades in the middle of an eighteen-month range.
I’ll exit my position on a daily close below 1.36.
That’s it for today.
Our swing trades are working despite a range-bound currency market.
If long-dollar setups catch on, the USD-CAD will catch higher.
Are you prepared to ride that trend?
–Ian
Thanks for reading.
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