USD/CAD: Weekly
Long or Short: Long
Entry Point: 1.0000
Stop Loss: .9700 (minor previous support)
Profit Target/s: 1.0500, 1.1000
Reward-to-risk Ratio: first position - 1.6:1; second position - 3.33:1
Risk percentage: 1%
Indicators used: None
Trade Rationale:
This is a long term trade. On the technical aspect, we see a double bottom with the price testing the neckline already. I will wait for a break above this resistance level at 1.0000 and go long. On the fundamental side, I am thinking that maybe risk aversion will boost the pair back abvoe parity.
Trade Adjustments:
If my first TP is hit, I will move stop on 2nd position to entry. Also no buy if there is no strong break above 1.000.