Long USD/CAD on Close Above 1.1150

[B]My picks:[/B] Long USD/CAD on Close Above Trendline Resistance
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week

Daily charts show a channel formation that has contained price for the past two months, and given the surge we’ve seen in the US dollar this morning, there’s potential for USD/CAD to stage a sustained breakout. Falling trendline support comes into play near 1.1150/65, and if we see a close above this line, I think it provides a decent opportunity to buy USD/CAD. I’m looking to the 38.2% fib of 1.2508-1.0783 at 1.1440 and former support at 1.1463/70 as potential targets. Stops should be placed according to preferred risk/reward levels.