Hit_N_Run
Long

Trend Trading the Loonie

FX:USDCAD   U.S. Dollar/Canadian Dollar
498 1 12
Looking at the technical picture for the USDCAD             we might be nearing a good support soon, a zone where buying the trend again could be the ideal choice.

The pair has completed a double top bearish reversal formation few weeks ago, and closed below the mid-band for the Bollinger band . The move reached near the ideal target for the double top formation, but found demand at the first rising trend line .

Just below is another key longer term trend line in addition to the lower-band. Having said that, trend-followers will be eager to long the pair near that green shaded area. You can time your trade or wait for more confirmation through the lower time-frames e.g daily or four-hour charts.

Good Analysis. Thanks.
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