USD/CAD BUY STOP - 10/10/2017
The pair is trading in the little consolidation below the resistance 1.2566 - 1.2580. The price fell down during the Asian session, but the move was on small volume, so we can’t regard it as a bearish signal. That’s why we still should give preference to long positions, but we can enter the market only after an abrupt breakout of the resistance on large volume. A stop loss should be placed below the breakout volume bar. A potential of the growth is 100 pips. As for short positions, we can deliberate them only after a breakdown of the support 1.2404 - 1.2428.
The bottom line: long positions after a breakout of the resistance.
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