Loonie continued upside scalp 150916

How to trade this plan

1. Risk off = weak commodities – oil down, Cad weak, USDCAD trend bullish
2. Target for the month is MR1 – at current market price we are 60 pips away so this should be a scalp
3. I am waiting for a break of current resistance, higher high and then a pull back to role reversal. Price could break through resistance now or fall and then move up – either way I still want to see the same thing. If price falls, take note of price action when price hits the 5 EMA on H4
4. There is important news out of America today which will most likely have an impact on risk sentiment – keep in mind that a trend is a trend until a clear indication of reversal on a higher time frame chart

Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

USDCAD Daily

USDCAD H4

USDCAD H1

USDCAD M15

USDCAD M5

2 thoughts on “Loonie continued upside scalp 150916”

  1. Profile photo of Miles Miles says:

    Nice analysis Ryan!
    It actually went up to DR1, then made the pullback but collapsed down.
    Did you enter at the pullback or the sharp move down took you out of the market?
    What is your confirmation before entering, to prevent you for being stopped out by this market behaviour?
    Thanks

    1. I did not enter because I did not get the confirmation on M5 that I was looking for