usdcad long
the bullish piercing pattern at the 1.0800 support accompanied by some trendlines i have made visible convince me to go long. moreover there is no major report regarding the pair coming out until thursday so fundamentals are unlikely to interfere. my stop is 10-20 pips below the low of the pattern. the target is at 1.103 (the most recent high). a trendline can be formed using 1.1275 and 1.045 that might hinder performance but in my experience such steep trendlines often lose their value. another major trendline is formed using the 2009 high and 1.275 (this years high) which poses a greater target at around 1.1100. if the price surpasses the 1.103 level then my next target would be 1.1100.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.