Buy the Greenback, Sell the Loonie

From the Desk of Ian Culley @IanCulley

Last week’s tactical setups are heading toward our targets as G10 currencies lose ground against a rising dollar.

If you let the pound or kiwi trade pass, fear not.

The US dollar/Canadian dollar pair is entering our wheelhouse…

Check out the greenback-loonie challenging a key retracement and former resistance level at approximately 1.36:

I placed a stop order above last Friday’s high of 1.3606. 

A decisive upside resolution above that level puts the USD/CAD in play with a target of 1.3850.

If my order fills, I’ll play this one tight since the dollar-cad trades in the middle of an eighteen-month range. 

I’ll exit my position on a daily close below 1.36.

That’s it for today.

Our swing trades are working despite a range-bound currency market. 

If long-dollar setups catch on, the USD-CAD will catch higher.

Are you prepared to ride that trend?

–Ian

Thanks for reading.

Be sure to download this week’s Currency Report!