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Coleman: Counter-trend move in USDCAD

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Ian Coleman from First 4 Trading is looking at a counter-trend move in USDCAD.

The currency pair has seen some solid strength, trading at the highest levels since July 2009 due to the low oil prices. Ian says three factors could cap the rally in USDCAD on Thursday:

-         the USD-index highlights a complete AB=CD formation at 92.15

-          a monthly trend of lower highs on USDCAD

-         The 6,4 and 2-hour charts on Wednesday posted bearish outside candles

Ian says being bearish on USDCAD is a counter-trend move, but believes that the risk-reward is ample. He is looking to sell at a break of 1.1820, placing his stop at 1.1850. His targets are 1.1770 and 1.1740.