USDCAD is in a long-term uptrend, supported by oil price weakness hurting Canadian economy.
After a consolidation in the last weeks a continuation of the uptrend seems possible if the pair overcomes the falling trendline currently at 1.4150.
Potential trade parameters could be (as of today):
stop buy 1.4180
stop loss 1.3820
take profit: 1.4680 for 67% of the position, for the rest a trailing stop can be used
After a consolidation in the last weeks a continuation of the uptrend seems possible if the pair overcomes the falling trendline currently at 1.4150.
Potential trade parameters could be (as of today):
stop buy 1.4180
stop loss 1.3820
take profit: 1.4680 for 67% of the position, for the rest a trailing stop can be used
Comment:
Price action of the last week looks still constructive for a long outbreak of the USD vs CAD. If the trade becomes triggered the initial stop can now be moved to 1.3880.
Order cancelled:
With today's bearish move in USDCAD, the trade idea can be canceled.