SaxoTV

Coleman: Counter-trend move in USDCAD

387 views
January 08, 2015 ab=cd, abcd formation, cad, canadian, canadian dollar, ian, ian coleman, ian coleman first 4 trading, ian coleman traders tale, saxo, saxo bank, saxo bank group, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxotrader, saxotv, sell, selling, target, targets, trade, trade idea, trade ideas, trade view, trader, traders, traders tale, traders tale saxo tv, trades, trading, trading floor, trading fx, trading idea, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com saxo tv, tradingfloor.com trade ideas, tradingfloorcom, us dollar, us dollar index, usd, usd strength, usdcad, usdcad bear, usdcad bearish, usdcad sell, usdcad trading

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.