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