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USDCAD Is Short Term Overbought

By ForexAlerts.ca

The following is an excerpt from today's premium report from ForexAlerts.ca recapping the major pairs they cover, how they traded them this past week, and what they look forward next week. They recently launched their service and are offering a 50% discount for a limited time. To learn more about currencies and take advantage of this offer click here.

USD/CAD - currently trading @ 1.0116

Bias: Bearish-Neutral

Levels:

Upside

1.01521

Range

1.00805 - 1.01521

Downside

1.00136

Positions

NO Open New Long Position
NO Add To Existing Long Position
YES Open Short Position
YES Add To Existing Short Position

Click HERE for the list of our trades in April

May 10th, 2013 - Entered Short position @ 1.0145

Commentary:

Our yesterday's and today's tweets:

a . 1.01427 is the new resistance level we're watching for to short the usd/cad.

b. the faster it gets there the better.

c. USDCAD has reached our short target of 1.01427. OK to short now.

d. Current price of USDCAD is 1.0145

We changed our Bias to Bearish-Neutral from Neutral. The pair is trading within the 1.00805 - 1.01521 range.

We want to take profits @1.00805 (we will cover all 100%)

Economic events that can influence direction:

Date

Time

Event

Currency

Fri May 10

12:30

CAD Net Change in Employment

CAD

Fri May 10

12:30

CAD Unemployment Rate

CAD

Fri May 10

12:30

Full Time Employment Change

CAD

Fri May 10

13:30

Fed Speaks at Chicago Fed Conference

USD

Fri May 10

18:00

USD Monthly Budget Statement

USD