JustinLeeFarrell
Long

USDCAD - Ace in the Hole?

FX:USDCAD   U.S. Dollar / Canadian Dollar
49 0 1
1.2915 has been a tested level of support on this instrument, and due to the triple bottom that has emerged on the higher time frame, I believe it is a good opportunity to get long on this pair. 1st trade is slightly over 1:2 risk/reward, and my stop loss is chosen by means of the standard deviation from the hard range of the most recent consolidation phase . I will more than likely adjust the SL to 1.2908, after the market sentiment is more readily realized. I have set the take profit levels by using key fib levels that have congruence with USDCAD's past S&R levels.
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