To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_trading_strategies&ad=RhpNcbFYRSk First off, starting here on the USDCAD, we could see last week we saw the climb from the lows down here into the 1.2700s, all the way back up into the 1.3000s. Since the vote, we’ve been bouncing around between the blue-shaded area, right around or just underneath the 1.3000-level and 1.3080, the purple-shaded area. And you could see it’s not too hard to see we’ve been bouncing around, consolidating between here. With the previous momentum, what we’re going to look for are buying on dips into support. That’s the same thing we were looking at yesterday in the live Trade Room as an opportunity that was missed yesterday as it dipped into 1.3000 and rallied into the 1.3080 without us. So, now we’re back here. I’m looking for an opportunity. In fact, I’m already in it at 1.2990. If you were in the Trade Room yesterday, that shouldn’t be too much of a surprise. Buying the dip into support as it comes down here. Settles out just right around or just underneath 1.3000. The rest of course is that the market changes its mind and pushes underneath 1.2960 and continues to go lower, so your stop loss in this case should be somewhere underneath the 1.2950 or so level to protect yourself in case the market decides to turn around and go back down. One thing that we discussed in the live Trade Room yesterday and we often discuss in the Trade Room is the inverse correlation of the USDCAD and oil prices. So, what we’d like to see with oil is that it finds resistance. We know that this green-shaded area. This is the US oil chart. We know that this green-shaded area between 49 and 50 has held as resistance before, so what we’d like to see is this continue to hold as resistance. If this holds as resistance and oil prices fall, then we typically will see the USDCAD go back up. Even if you look at the UK oil chart, we’re running into resistance at this pink-shaded area right around the 50-level. So, we need oil to continue to find resistance, fall back down. That would give us some boost for the USDCAD to go back up again today on the USDCAD. https://www.youtube.com/watch?v=RhpNcbFYRSk Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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