Hi Guys,
looking at the picture above, for USDCAD it has been in a strong uptrend recently mainly due to the weakness in CAD compared with the strong performance of GBP and EUR lately.
Looking at my chart, you can see prices are holding up at short term MAs, and even with a good trendline drawn.
We as a smart trade need to follow the trend not fight with it. Therefore the best trade is to enter near the Shorterm MAs, or wait for it to pullback to the upward trendline. If the trends continues should breakout 1.30 and continues to around 1.31.
The 1.29 previous resistance have been there for couple of months. So the breakout last night was quiet significant.
If you guys like my post, please follow and leave a feedback.
Best Regards
Max
Trade active:
trying to breakout today's high near 1.2990. watch whether it needed to have another pullback together the 22MA sup near 1.2960 first.
Remember the 1.300 yesterday's high is also a big psychological level.
Remember the 1.300 yesterday's high is also a big psychological level.