Trade plan 06 October 2016
Fundamentals
Throughout this week the was Positive ISM Manufacturing PMI, ISM Non-Manufacturing PMI and Crude Oil Inventories data released out of the US plus the increased chances of the feds raising interest rate in December which could indicates a possible continuation of the dollar strength but we also had a Negative ADP Nonfarm Employment Change data report which has a High correlation to the Non- farm payroll report (NFP) and because of this high correlation we could be looking at a possible negative NFP report which could result to short term weakness for the dollar.

USDCAD Daily

-Daily chart Price Action Price is currently at the Monthly pivot point (MM3), Price also formed a Ascending triangle Stochastic is currently at the 50% line Market The 55 and 21 Moving average indicate a bullish market

USDCAD H4

-H4 chart Price Action Price broke through the weekly cluster pivot point (WPP) currently testing it as as support ,Price has also bounce off the 50% fib zone flowed by lower higher but we also see that price fails to break through the psyc level 1.32400 Stochastic is currently at the 50% line heading to the over sold zone Market The 55 and 21 moving averages cross has occur which indicates a bullish market

USDCAD H1

-H1 chart Price Action Price is currently at the Daily pivot point (DR1),Price also bounced off the 50% fib zone forming higher lower Market The 55 and 21 Moving average cross has occur which indicates a bullish market Planed Entry Looking for a break through the psyc level 1.32400 followed by a role reversal on the H1 chart

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