Forex Marketz Daily Forex News – Fully Markets Update
The USD/CAD Forex market overcame a bearish engulfing candlestick then gapped higher. I am choosing to remain long Dollar after meeting my first target at 1.2770 to capture any upside gains.
Technical Analysis
Looking at today’s USD/CAD technical analysis, there is near term resistance lining up at 1.2923. A daily close above this level will challenge the technical resistance lining up at 1.3015. The alternative USD/CAD analysis, should the Dollar reverse ground, thus pushing this Forex market lower notes technical support at my first target of 1.2770. A break below this technical support will challenge the support lining up at 1.2617.
Trade Strategy
I am keeping my original long USD trade open in this Forex market. I am long at 1.2648 with a first target of 1.2770. I have already met my first target and will keep this open to meet any further upside potential. I will more my stop loss from break even to the first target to protect my gains. Absent any clear cut bearish reversal signs, I feel that this is the best option. I will continue to move my stop loss to protect gains, but see no signs of a USD/CAD reversal at this time.