USDCAD currency pair is in a compression pattern ready for a lower risk breakout up or down. See chart below with the analysis.
USDCAD breakout UP (Trade 1) = Buy .9930 stop to open, use .9984 stop loss, move your stop to break even at .9977 while exiting 1/3 position.
Forecast calls for exit of remaining Dollar-Cad positions at 1.0028 limit, or trail 1/2 to 1/3 of position up to 1.0140 limit exit.
USDCAD breakout DOWN (Trade 2) = Sell .9884 stop to open, use a stop loss of .9925, move your stop to break even at a price of .9851 while exiting 1/3 position.
Forecast calls for exit remaining positions at .9830 limit, and/or trail remaining position down to .9738 limit exit.
DJI Analysis: Dow is likely completing a Wave 5 advance of this larger (wave 3 of C advance), to be followed by a larger sell off shortly. Look for intraday reversals of trend on 15-30 minute time frame charts for shorting opportunities today, Monday 03-19-12 should the shorter-term trends begin to turn.
Higher Risk Trade: DJI: sell at 13098 stop to open, use 1.3251 stop loss, move to break even at 13029 while exiting 1/3 to 1/2 position.
Exit remaining positions at 129036 limit or trail 1/3 of position down to 1.2605 limit exit.
If you find this report helpful, please click any of our like buttons below or the +1 button while logged into your Gmail account. Feel free to leave us your view of the analysis by using the "Add New Comment" section below.