USDCAD - Possible Long Position
Updated
Since the 3rd of May 2016, the USDCAD is holding an uptrend line tested 3 times.
Looking at the bigger picture, this trend is a pullback that had its high on 14th November 2016, when it found resistance at the 1.3312 area, where there is a 50% Fibonacci from the near 5 months free-fall that started in January 2016 when the USDCAD was 1.4689, hitting 1.2460 in May.
The CCI indicates USDCAD is oversold in the market, strengthening the indicatives of a Bullish trend continuation.
The long position would take place around 1.3120, stop loss 1.3050 and take profit 1.3300.
Looking at the bigger picture, this trend is a pullback that had its high on 14th November 2016, when it found resistance at the 1.3312 area, where there is a 50% Fibonacci from the near 5 months free-fall that started in January 2016 when the USDCAD was 1.4689, hitting 1.2460 in May.
The CCI indicates USDCAD is oversold in the market, strengthening the indicatives of a Bullish trend continuation.
The long position would take place around 1.3120, stop loss 1.3050 and take profit 1.3300.
Trade closed: target reached
It was a great position. Now wait for another opportunity. The target was successfully reached. I activated trailing stop loss after 1.3300, getting to do a few pips more since it reached 1.3323.
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