Thursday, April 07, 2011

20110407 - USDCAD Trade Plan

Bullish butterfly formed, with PRZ around 0.9582 and 0.9573. Candle tested PRZ and pulling back (not completed). Placed a buy order at 0.9578, with SL 0.9533, which is just under 141% retracement of the pattern.

As USDCAD is in long term bearish run, TP is set at 38.2% retracement of CD at 0.9655.











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