Here we have price at key support and very close to a strong trend line, this is a trade that could have a very tight stop loss in place just below the trend line.
Now we can see price making a run up to our resistance zone which is around 60 pips away and this is where our take profit will be placed, so this trade has a decent risk to reward ratio.
We think that current oil prices are still moving bearish after a big downwards movement this last week, and if you don't know how USD CAD and oil have around a 90% inverse correlation then google it.
If you have any questions or need any help then feel free to inbox us.
Now we can see price making a run up to our resistance zone which is around 60 pips away and this is where our take profit will be placed, so this trade has a decent risk to reward ratio.
We think that current oil prices are still moving bearish after a big downwards movement this last week, and if you don't know how USD CAD and oil have around a 90% inverse correlation then google it.
If you have any questions or need any help then feel free to inbox us.