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6.5 Reward/Risk on AUDCAD Setup

FX:AUDCAD   Australian Dollar/Canadian Dollar
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AUD is showing some signs of strength on other pairs -- I just entered a long AUDUSD order -- and so I was especially encouraged to see price retrace to support in an uptrend on AUDCAD , and then to see bulls step into defend that level a bit more. We are also at the 50% Fibonacci retracement from the recent swing low to swing high.

This setup involves entering at 1.0140 with a stop loss at 1.0110 and a target profit of 1.0335. This gives a very nice reward/risk of 6.5:1.

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