USD/CAD Weekly Signal- Nov. 13, 2013

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By: John Ursus

USDCAD Signal 111213

Timeframe: W1 Recommendation: Short Position
Entry Zone: 1.5000 – 1.5025
Take Profit Zone: 1.3000 – 1.3025
Stop Loss Zone: 1.6000 – 1.6025

The USDCAD has rallied sharply and is currently trading at twin resistance levels as visible in this W1 chart. The resistance for this currency pair is provided by its horizontal resistance level as well as its Fibonacci resistance level.

The US Dollar strength as a result of the NFP report should be short-lived and traders can expect a reversal in the current uptrend which should take the USDCAD back down to strong support levels. Caution is advised in the entry of this trade as this currency pair could trend higher and into the upper band of its resistance zone. 

Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.