Why you should buy the USDCAD (29/03/2013)

A potential opportunity to make a 150 pips profit by buying the USDCAD has arisen under the daily timeframe.

Read about the Trend/Wave/Extreme system here.

USDCAD (Daily) Buy

 

 

 

Why Buy

–          A continuous Up-Trend pattern

–          Trend indicators are pointing Up

–          Majority of extreme indicators are pointing oversold indicating the down move being experienced is over

–          The pair has touchd the bottom bollinger bands level and bounced up

–          Two consecutive up candles have been formed

Note: The Canadian Dollar relies on the value of oil as Canada is a major oil exporter. Oil has been rising and hence the increase in Canadian Dollar and temporary down correction in USDCAD. Keep an eye in the value of oil in case it continues higher and brings USDCAD lower.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.