Here is a possible set up for anyone looking to trade USDCAD. I am looking for price to bounce off SMA 100 and SMA 200 support and continue trending within the upward channel. I also see that USDCAD is oversold with the Stochastic.
TP: 1.31663
Stop: 1.30392
Good Luck if you take this trade. This is just my idea.
TP: 1.31663
Stop: 1.30392
Good Luck if you take this trade. This is just my idea.
Trade closed: target reached:
Had a small breakout in a downtrend of the channel, but with low volume. (slow momentum) False Breakout! Trade came back and reached target price for a nice profit of 87 pips!