AUDCAD on track to drop 250+ pips due to positive cad news?
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Good evening traders, I would like to bring to your attention a very important opportunity. Tomorrow, at 10am EST Stephen Poloz & Co. of the Bank of Canada announces their decision on rates. There is a 92% chance that it will be raised, with an expectation of 0.75, up from 0.50. What does that mean for this pair? AUDCAD will plummet as the CAD strengthens.
Let's talk technicals.
Price has been rejected at the 0.98750 quarter. If you're familiar with the Quarters Theory, you will know this an area of hesitation with a high probability of reversal. This is important, as it also shows the 200MA rejection on the 1H chart, as well as where price has previously been rejected should you look left of your chart.
The trend is downwards, this is a push upwards, aka - perfect time to enter and sell.
Your stop should be between 10-30 pips, based on your risk tolerance. Your best stop location would be just above 0.99 price level.
I am looking for an initial drop to 0.988 with further drops to as low as 0.96 which would be a daily support level. Should this goal be achieved, we would profit approximately 250 pips.
Best of luck traders, and as always - manage your risk.
-ForexNick
Let's talk technicals.
Price has been rejected at the 0.98750 quarter. If you're familiar with the Quarters Theory, you will know this an area of hesitation with a high probability of reversal. This is important, as it also shows the 200MA rejection on the 1H chart, as well as where price has previously been rejected should you look left of your chart.
The trend is downwards, this is a push upwards, aka - perfect time to enter and sell.
Your stop should be between 10-30 pips, based on your risk tolerance. Your best stop location would be just above 0.99 price level.
I am looking for an initial drop to 0.988 with further drops to as low as 0.96 which would be a daily support level. Should this goal be achieved, we would profit approximately 250 pips.
Best of luck traders, and as always - manage your risk.
-ForexNick
Note
Level held, time to drop!
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