USDCAD Potential Long Trade

Hello traders... I hope you've all had a good trading week thus far and didn't get hurt last week during the Brexit. Trading this week has been quite difficult with most pairs consolidating and recovering from the Brexit volatility, there hasn't been too many opportunities. With that being said though USDCAD is actually setting up for a nice buy going into next week. Many traders have been getting excited to short USD leading pairs with the slow sell off that occurred throughout this week, however I think that they will be surprised to see a rally next week. Based on the way price action is trading it looks likely that the dollar will close higher by the end of next week. We are expecting to see the 128500 - 128000 area to hold as support on USDCAD and IF it does hold as support we will look to buy this pair on the break of the down trend line. IF this trade does pan out as planned it may be very fruitful with a likelihood of price reaching fresh highs above 139... keep an eye out for it!

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Comment:

Price respected the 1.28500-1.28200 zone perfectly and gave a nice rally today. Booked about 60 pips myself, but upside continuation is to be expected.