USD/CAD Signal- January 15, 2013

Fadi Steitie

| on January 15, 2013 | Updated on January 15, 2013

Currency: USD/CAD
Method: Ichimoku Kinko Hyo
Description: Today's catch is the US Dollar and the Canadian. As per the old Japanese Ichimoku clouds, the shorter term average has completed a dead cross below Kijun sen the red average two weeks ago by a sharp drop with a long red candle that formed a good resistance level. The trend has penetrated the could Kumo which it tells a good chance for further drop for the coming week or two. The sentiment is negative and the Chikou is reflecting the bearish move. I will short and hold the pair with open target at the moment and keeping my Stop Loss just above the cloud at 1.0000 level.
Recommendation: Sell and Hold
Stop Loss: 1.000
Target: Open

Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.