Pair: USD/CAD
Time frame: 4-hour
Long or short: Long
Chart:
Trade rationale: There’s a rising trend line connecting the lows of the pair and the next level of support seems to be at the .9950 minor psychological level. There’s also a bullish divergence on stochastic, as the oscillator made lower lows while price made higher lows.
Entry: .9950
Stop loss: .9900
Targets: 1.0000, 1.0050
Reward-to-risk: 1-to-1 on the first position, 2-to-1 on the second position, for an average of 1.5-to-1
