Long On USDCAD
USDCAD has touched a supportive trendline, indicating potential for a long position. Bulls can go long on the pair now with a first target at 1.37300, and a stop loss a few pips below the supportive trendline and previous low. This gives a great risk to reward ratio of 1:3! A break below the supportive trendline makes this idea invalid and we will need to reassess the pair.
Traders should we be cautious when trading today and use proper risk management due to NFP. The heightened volatility could easily result in stop losses being hit.
Be sure to follow me for more ideas and analyses. Please leave a like and a comment with your thoughts below.
Best of luck traders!
Traders should we be cautious when trading today and use proper risk management due to NFP. The heightened volatility could easily result in stop losses being hit.
Be sure to follow me for more ideas and analyses. Please leave a like and a comment with your thoughts below.
Best of luck traders!
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