USDCAD: At a critical spot for dollar longs

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             has a weekly mode below the price, and we're currently above it, on the brink of confirming a time at mode weekly uptrend. The recent uptrend 50% speed line lies below, and this is where buyers have to step in, to remain bullish on this pair. We can enter longs here, and risk a drop to 1.2915, in case the uptrend does confirm and we then resume the march up. This is a lower probability trade, but reward/risk is huge, so it's worth to try and ride the impending uptrend here. Rgmov has been tracing an uptrend, and recently we had a nice oversold dip. Moving above the 'Brexit key level' is of paramount importance, we want to see price traverse the 1.29876 mark with comfort, and quick! Risk half or 1/4 on this entry.

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Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.21% on such information.
Trade closed: stop reached: I'd reenter with a wider stop this time. Risk 1/2 to 1.2758.
Trade active
Comment: Last entry: 1.2919
Comment: I added to longs at 1.2860, same stop.
Comment: Holding.
Trade closed manually: I'm out of longs briefly. Waiting for NFP to come out to trade it again.
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