FrametheMarket101

USDCAD - long - potential 60 pips in the making

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
So, the USDCAD is showing some spirit.

A potential 60+ pips up for grabs.

TARGET: price level is 1.2940
This is only possible should there be a price pull-back on the lower time frames such as 15 / 30 minutes.
ENTRY: Ideal entry will be during the price pull-back.

Strong fundamentals still support the USD long side.
The lack of fresh geopolitical risk from the US president via twitter is also helping the USD.
The outlook for the CAD remains bleak.

Be reminded, anything can happen and probably will happen.

The above is not investment advice.
Trade active: ENTRY: Nice pull-back in price, 5 lots opened @ 1.28680 with 30 pip stop.
Target remain 1.2940

Be reminded, anything can happen and probably will happen.

The above is not investment advice.
Trade closed manually: Well folks, anything can happen and it did happen, that is why protecting your capital via stop loss is important. Trade closed for - 150 pips.
Upside is still in play. New entry identified after extreme pull-back.

Be reminded, anything can happen and probably will happen.

The above is not investment advice.
Trade active: Second ENTRY: 3 lots opened at 1.28310. Stop loss 30 pips.
Target remain 1.2940

Be reminded, anything can happen and probably will happen.

The above is not investment advice.
Comment: Well folks, it is indeed a slow grind with sideways price action.
Target remain 1.2940.

On tap this week is the CAD gdp + trade-balance with heavyweight USD news. It is anticipated that these news events will move the pair out of its sideways price action. Remember the USD is still very well supported fundamentally and the CAD remain weak fundamentally. Only a shift in fundamentals will allow for the pair to move lower.

The above is not investment advice.
Trade closed: target reached: After almost a grueling month of price action, target of 1.2940 finally reached. phew!!!

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