CANADIAN ECONOMIC CALENDAR WILL REMAIN LIGHT UNTIL THURSDAY WHEN WE GET TRADE BALANCE FIGURES FOR AUGUST. TRADE BALANCE WILL LEAD INTO FRIDAY’S EMPLOYMENT CHANGE AND UNEMPLOYMENT RATE WHERE CONSENSUS ARE FOR 12K AND 6.2% RESPECTIVELY. WTI CRUDE IS CURRENTLY TRADING JUST ABOVE THE 49 DOLLARS P/B MARK & THE GREENBACK REMAINS ELEVATED, HOWEVER THE UPTURN STALLED ON A BIT ON TUESDAY. WE MIGHT SEE SOME MOVEMENT ON THIS PAIR LATER ON AS THE USD WILL HAVE A BUSY DAY ON THE CALENDAR. GOOD DATA OUT OF THE US WILL FURTHER STRENGTHEN THE RENEWED OPTIMISM FOR THE GREENBACK WHICH COULD OPEN DOORS FOR EXTENDED DOLLAR GAINS. ECONOMIC DATA FOR THIS PAIR TODAY: ADP NON-FARM EMPLOYMENT CHANGE, FINAL SERVICES PMI, ISM NON-MANUFACTURING PMI, CRUDE OIL INVENTORIES, AND FED CHAIR JANET YELLEN SPEAKS.

USDCAD H4

MARKET IS BULLISH, 21 EMA IS ABOVE THE 55 EMA. STOCHASTICS IS HEADING SOUTH TO BEING OVERSOLD. PRICE HAS BEEN PRINTING A SERIES OF HIGHER HIGHS AND HIGHER LOWS. IMMEDIATE SUPPORT IDENTIFIED AT WPP, & RESISTANCE IS AT WM3 WHICH COINCIDES WITH MM3, WR1, & WM4. PRICE CURRENTLY CONTAINED IN A CHANNEL. MY PLAN IS TO GO LONG AT WPP SUPPORT WITH A TARGET OF WM4.

USDCAD H4 POST TRADE PLAN

SO FAR PRICE IS DOING WHAT I EXPECTED. TODAY'S NFP WILL CERTAINLY MOVE THIS PAIR, I HAVE MOVED MY SL TO BREAKEVEN & WHATEVER HAPPENS I AM HAPPY IF I AM KNOCKED OUT AT BREAKEVEN.

2 thoughts on “USDCAD BUY SETUP, 04 OCTOBER 2017”

  1. Tujel mooko says:

    Hi Pedro,loved your analysis bro and like Ryan mentioned in class that you’re one of his best students,I can definitely see that
    .

    1. Pedro says:

      thanks a million Tujel, and its all thanks to Ryan. My advice to you is be a sponge and absorb whatever Ryan says and do the work and you will see how quickly your trading improves. Looking forward to seeing your trade plans as well, ill give you a follow.

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