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Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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tradewithZEN
My blog:
zentrader.ca
  • USDCAD Is Short Term Overbought 0 comments
    May 11, 2013 1:32 AM

    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

    (click to enlarge)

    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

    Themes: Currencies
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