USDCAD is currently testing the bottom of its main flag pattern and is finding demand early on. There is an opportunity here for a very high risk:reward trade, using a super-tight SL just below the trendline . Our loss will be very minimal whereas our profits would be over 7x the loss.
If the bottom trendline does break, it may warrant an entry short targeting the next support level upon confirmation.
I moved my SL to just above my entry so I am in a risk-free trade, and I recommend the same for everyone else trading this
Trade closed: target reached:
I took profit at the 200 MA