Top exchange thought for January 22nd, 2016 – USD/C
Great focal managing an account, similar to great comic drama, is about timing. The Bank of Canada's choice to hold off on a rate cut on Wednesday is looking savvier taking after the oil showcase rally on Thursday. Oil value shortcoming is the real driver of slices to Canadian development desires. Any further picks up in the oil cost, joined with conceivable USD shortcoming, could see the remedial move that started for the current week in USD/CAD pick up force
The "hanging man" flame at the high gave a decent inversion signal, with the accompanying drop showing up as affirmation. The arrangement of the Fibonacci retracement levels might insult a few chartists, particularly the individuals who might want to base the structure at the October lows more like 1.2800. Notwithstanding, I incline toward the more traditionalist approach, and I'm keen on the way the 61.8% retracement level corresponds with backing.
Keeping it straightforward, I'm a vender just underneath the past flame low at 1.4225, with a stop misfortune over today's high – say 1.4310 at this stage. I'll close at 1.3825, yet consider another short ought to the cost drop through 1.3800. A prize to hazard proportion more prominent than 4 to 1? Suits my exchanging arrangement.
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