USD/CAD Signal - April 8, 2013

Fadi Steitie

| on April 08, 2013 | Updated on April 08, 2013

Currency: USD/CAD
Method: Ichimoku
Description: I will be watching Canadian Loonie (USD/CAD) along with other currencies for this week. As per posted chart, Tenkan Sen (Blue) dead crossed Kijun Sen (Red) on 26th of March with a drop of red candle that created a good resistance. The bulls tried to break the resistance on 5th of April just when reached Kumo edge but failed to do so and formed a long shadow candle below 1.01800. The trend technically is trading within a small area or a squeeze. I will be watching one session closing below 1.0150 within falling channel in order to trigger a short position with a small lots to take some drop within Kumo. I recommend you to keep your eyes on 1.0150 level for now and to wait for economic feedback in order to support the trade. I will keep you posted on the potential opportunity.
Trend: Bearish (Weak)
Recommendation: Sell and hold once price close below 1.0150
Stop Loss: N/A
Target:N/A

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.