USDCAD: The US Dollar vs the Canadian Dollar is the tightest wound currency pair that I am currently watching. We can therefore bracket the market for a long and short breakout trade with little risk, yet a high chance for one of the directions to win out. This is likely the lowest risk trade for the start of the week. The daily trends are all down, thus the odds favor a continuation lower. However, since the pair is in the apex of the formation, and we expect a good thrust out of the apex, and it could go either way, consider placing both long and short breakout orders.
ACTION 1: BUY USDCAD @ .9823 stop to open, use .9775 stop loss, move stop loss to breakeven at .9865, exit 1/2 position @ .9948 limit, exit the remaining position @ 1.006 OCO your trailing stop, whichever comes first.
ACTION 2: SELL USDCAD @ .9763 stop to open, use .9814 stop loss, move stop loss to breakeven at .9735, exit 1/2 position @ .9672 limit, exit the remaining position @ .9611 (we may move that a bit lower later) OCO your trailing stop, whichever comes first. See Dollar-Cad daily chart below with the complete analysis.
EURJPY: Use the breakout lines manually drawn on the chart. We suggest placing both buy and sell breakout orders. See EURJPY 240-minute chart below.
ND-NASDAQ: The index held our support line just below the lower Andrews Pitchfork. At least a small recovery rally is likely in the early part of the day. We will see what pattern unfolds and adjust our recommendation. However, should today's low be broken, then we would likely want to be short in a big way. See ND daily chart below.
OIL: Take a look at the breakout lines for oil, yet you may use the automated buy/sell/target numbers to the upper left corner of the chart. We suggest placing both buy and sell breakout orders. See crude oil daily chart below.
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