Forex Forum @ ForexAbode

[Himanshu]

USD/CAD breaks some important resistances on daily chart. I expect further gains. The Ichimoku cloud crossover of Tenkan-sen and Kijun sen a few days back had generated a weak bearish signal which immediately followed by a strong bullish signal.

USD/CAD Daily Chart:



USD/CAD Ickimoku Crossovers and supports over the Upper edge of the cloud:

[Himanshu]

Follow up on above position:

The entry seemed to be just exact and USD/CAD started moving up. S/L and T/P adjusted as follows:

Daily Chart:



Hourly Charts:

[Himanshu]

Followup on the above USD/CAD post:

I was sure about the upward move towards the profit target mentioned and hence had moved the stop-loss lower during a correction and had bought another position. The profit taking target was met and USD/CAD closed for the week almost at the same level as the profit taking target.

Hourly Chart:



Daily Chart:

[Himanshu]

Canada’s inflation rate unexpectedly accelerated in May to the fastest since March 2003, with quicker price gains seen in every major category. The report is “confirming less slack in the economy than the Bank of Canada thinks,” said Sheryl King, head of Canada economics at Bank of America Merrill Lynch in Toronto.

CAD got strength and USD/CAD took a hit and dropped without a parachuted.