Long USD/CAD following the trend

FX:USDCAD   U.S. Dollar / Canadian Dollar
289 7 4
Ascending trendline in daily chart meets strong support level .

A long trade with a 3.5/1 reward to risk ratio. http://goo.gl/KHwspX

60% out in first target, 30% in second one, 10% for position trading.
I like this idea a lot. That 1.1200 area looks solid and has support confluence. The market has not moved much today giving people who missed the idea first time around a second chance. Oil is down hard as well which is bullish for usdcad
It does look solid and indeed, I myself thought of re-entering yesterday evening. US Dollar index is also making an effort for a 10-year breakout.
I believe hopium will get the best of it. I am position trading myself. Lower leveraged shorts, while adding legs on major spikes. I am looking to hold at least six months. Although, you're right. If it does breakout, I wouldn't mind going long here and there for a quick few pips. Unless the fundamentals change, my sentiment will remain the same.

Also, notice how even on the up dollar days, CAD has held in there which wasn't the case in 2013 and most of this year.
My S/Rs on the dollar look to be spot on. Price action seems to want to retest the descending triangle resistance (now support). Let's see what happens :)
I don't believe oil will play a major roll unless we see some serious declines. We've seen over 20% retracements since the summer high, and CAD is still hanging in there. We are getting to some multi-year resistance at the 1.1385/1.14.
+1 Reply
Hope you got out :D Nice support spot though!
JimMakos CommoditiesTrader
I did sell 60% at 1.1280, but trade closed when stop loss was hit at breakeven point. I'd like the second target to have hit, but the market thought otherwise.
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