USD/CAD New Up Trend Channel: Needs to Break Above 1.36440
Hi everyone!
The pair continues to move higher above the initial channel which was formed in October (yellow lines). As mentioned previously, that channel is broken now, with the pair ripping significantly higher. This has actually formed a new channel (green upwards sloping lines), that began at the start of December and has continued since. There was a bit of a pause as the pair reached the 1.3600 mark last week, but the trend continued upwards. A new resistance has formed around 1.36440 which I would look to see it break above that level for the trend to maintain its upwards projectory.
Should it break above 1.36440, I would initiate a buy. This trend is still trading strongly upwards, and the 9-day moving average (yellow line) serves as a support in addition to the channel lines I have drawn. Set the stop-loss at the 9-day moving average because that to me would signal a potential trend change.
The pair continues to move higher above the initial channel which was formed in October (yellow lines). As mentioned previously, that channel is broken now, with the pair ripping significantly higher. This has actually formed a new channel (green upwards sloping lines), that began at the start of December and has continued since. There was a bit of a pause as the pair reached the 1.3600 mark last week, but the trend continued upwards. A new resistance has formed around 1.36440 which I would look to see it break above that level for the trend to maintain its upwards projectory.
Should it break above 1.36440, I would initiate a buy. This trend is still trading strongly upwards, and the 9-day moving average (yellow line) serves as a support in addition to the channel lines I have drawn. Set the stop-loss at the 9-day moving average because that to me would signal a potential trend change.
