USD/CAD Long

Pair: USD/CAD

Time frame: 4-hour

Long or short: Long

Chart:


Trade rationale:

I’ve been watching this channel for a long time already and I’m planning to buy at the bottom again. It’s in line with the .9950 minor psychological level so I think it will hold as support.

Canada will release its retail sales report today and its CPI figures tomorrow so if the data disappoints, USD/CAD could rally up to the top of the channel.

Entry: .9950

Stop loss: .9900

Profit target: 1.0050

Reward-to-risk: 2:1