Over the last two trading days we have issued 2/3 forex signals and they all closed in profit.
We used moving averages as entry points for our forex trades in this pair. We opened a sell forex signal when USD/CAD retraced higher to the 20 SMA (grey) on the hourly forex chart.
As the downtrend slowed, the higher moving averages caught up and yesterday morning we used the 50 SMA (yellow) in the same timeframe chart as an entry point for our second signal.
Then, the small channel came into play and we opened another sell forex signal at the upper trendline of this channel on the hourly chart.
This morning, the USD is charging again against most forex majors. The Buck is advancing against the CAD as well, although at a much slower pace. This is a sign that the USD is still weak against the CAD, which means that once this USD advance is over, USD/CAD will be the first pair to turn lower.
So, we´re waiting for the price to reach the 100 SMA (green), which I think will provide enough resistance to stop the move higher. Actually, it looks like this forex pair is having trouble staying above the 1.30 level, so we might pull the trigger earlier.
The 100 SMA is a great place to sell
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