USDCAD is stuck between the 1.2670-1.2900 range from quite sometime. It has tried to rally above 1.2900 thrice but failed on each attempt. Now it is going for a test of lows at 1.2670. That level held the downwards movement twice and is likely to do so again due to the uncertainty over NAFTA and also due to a bit bearish stance by the B.O.C. I will place a long order at 1.2680 with a stop at 1.2610 and my take profit will be 1.2880. very good risk-reward ratio on this trade as we are risking just 70 pips for a profit of 200 pips.
Trade active:
Long order got filled at 1.2680. Trade in progress
SL: 1.2610
Tp: 1.2880
SL: 1.2610
Tp: 1.2880
Comment:
stop loss got hit at 1.2610. It is consolidating in this area. So I will look for opportunity to enter long again with a tight stop if this consolidation continues and I see some bullish indications