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USDCAD Price Action and Analysis for Nov 7, 2018

A Brief Explanation and Analysis of Price Movements of the USD/CAD Currency Pair Using the Mstardom Finance Proprietary Forex Trading Strategy

As of writing, November 7, 2018 @ 12:26 pm, the CAD’s hammer against the USD is packing 0.17% punch while the USD’s hammer against the CAD is packing -0.16% punch. So, at this moment, the Canadian dollar is packing a stronger punch, which means that the Canadian dollar is gaining strength against the USD. So, traders can take advantage of this strength difference by buying the currency with the stronger upside momentum and selling the currency with the weaker upside momentum. These momentum strength differences change over time.

At some point, we will have to sell the Canadian dollar and take profits because we bought it early in the early stages of its upward momentum. So, it will soon start to give up all the gains that it has acquired during its uptrend. This is where our trading strategy comes in handy, telling us when to get the hell out of the market when its time, and don’t stay a second longer. We have deduced our opinion from observing the 1-hour USD/CAD and CAD/USD chart (revealed the same signal). We will add more detailed technical analysis information soon.

In that case, the currency with the stronger upside momentum is the Canadian dollar, so the Mstardom Finance Forex Strategy would initiate a buy signal telling us to buy the Canadian dollar (sell: USD/CAD) and sell the USD (buy: CAD/USD). Remember when you buy the base currency you automatically sell the quote currency in forex. Here is an example explanation: A traded currency pair for example is the relation of say, the euro against the US dollar, defined as EUR/USD.

The illustration EUR/USD 1.1361 means that one euro is exchanged for 1.1361 US dollars. In this example, the EUR is the “BASE” currency, while the USD is the “quote” currency or the counter currency. This is just a fraction setup with the currency on top (base currency), the numerator and the currency on the bottom of the fraction is the denominator (quote currency), such as ½. This would mean that 2 of what is at the number 2 (denominator) position is equal to 1 object at the 1 position (numerator position). So, it is a two for one ratio. 2 US Dollars equal 1 Euro. 1EUR/2USD, so this currency price would be listed as $2.0000. So, in our example, one EURO would exchange for 2 USD.

Disclosure: I/We/Mstardom Finance does not have a position in the USD/CAD currency pair.

Disclaimer: ©Mstardom, Inc., Mstardom.com, Mstardom Finance does not provide investment advice.

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