[B]My picks:[/B] Close Short USD/CAD Positions, Long USD/CAD on Close Above Rising Trendline
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
This decision comes after a short USD/CAD trade from last Friday hit our short-term target of 1.1477 on Wednesday, and I think it would be worthwhile to close any remaining short positions (I was ultimately looking for a drop to 1.1047).
USD/CAD is currently testing a rising trendline connecting the 2007-2008 lows, but if we see a close above 1.1206 (this morning’s low), the pair may look good for a long trade. Stops should be placed 20-30 points below 1.1200. Initial targets include 1.1500 (former support in November 2008 and May 8/11, 2009) and 1.1783 (recent highs, January lows).