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Trade Ideas

Trade Idea – 17 May 2013 (10:25 UK Time)

Hello Traders,

Today’s trade idea is on USD-CAD. The pair has had an extended run for several days from a swing low of 1.0015 to 1.0252. I believe it has got to a point of potential reversion to the mean. Given overall strength of US dollar, it is a risky trade but I am basing my analysis purely on technicals. So here’s is the plan:

Short USD-CAD at 1.0252

Stop Loss at 1.0300 (48 pips)

Target 1 at 1.0180 (72 pips)

Target 2 at 1.0122 (130 pips)

Chart snapshot at the time of posting this trade is attached below:

usdcaddaily17may2013

Happy trading!

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