USD/CAD 4 - hour
Long or Short: long
Entry Point: 1.0355
Stop Loss: 1.0255
Profit Target/s: 1.06
Reward-to-risk Ratio: 2.5:1
Risk percentage: 2.5%
Indicators Used: none
Trade Rationale: usdcad has been trading in an ascending channel the past week, but so far, we’ve been seeing higher lows. The pair is finding resistance around 1.0300 to 1.0320, and this has been critical in the past as well. I think if price breaks above these levels, it would signal a break much higher.
fundamentally, i am long dollar on the belief that risk aversion will boost it
Trade Adjustments: move stop to breakeven once up 100 pips in order to cover risk.