Trade idea USDCAD Long
Updated
USDCAD is in a long-term uptrend, supported by oil price weakness hurting Canadian economy.
After a consolidation in the last weeks a continuation of the uptrend seems possible if the pair overcomes the falling trendline currently at 1.4150.
Potential trade parameters could be (as of today):
stop buy 1.4180
stop loss 1.3820
take profit: 1.4680 for 67% of the position, for the rest a trailing stop can be used
After a consolidation in the last weeks a continuation of the uptrend seems possible if the pair overcomes the falling trendline currently at 1.4150.
Potential trade parameters could be (as of today):
stop buy 1.4180
stop loss 1.3820
take profit: 1.4680 for 67% of the position, for the rest a trailing stop can be used
Note
Price action of the last week looks still constructive for a long outbreak of the USD vs CAD. If the trade becomes triggered the initial stop can now be moved to 1.3880.Order cancelled
With today's bearish move in USDCAD, the trade idea can be canceled.
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