FX00101 - USDCAD - Sideways range bound

FX:USDCAD   U.S. Dollar / Canadian Dollar
27 0
Pair is in a bullish sidewards range bound channel. A daily pin bar rejecting the 8 and 21 EMA's has formed. This can be seen on the 4h chart as a bullish engulfing signal. Look to go long on a break of the doji ( pin bar ) or better still, wait to see if price retraces further towards to 8EMA before entering long as this will give a better R/R.

Trade active: Price has pulled right back and kissed the lower support. There seems to be some indecision now and there's no clear signal. Today is a slow day anyway as the US Non-farm payrolls will be announced later today so I don't expect much USD activity until then.

Still, the great entry, low capital risk, coupled with high probability seems like a chance worth taking.

Trade closed: stop reached: This started out as a really nice trade, but my target was too high. Price didn't hit the upper tramline.

Price hit 5R (Fib 76.4%) before before selling off and finally hit my stop.

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