USD/CAD Weekly Signal- Nov. 13, 2013
By: John Ursus
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.
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