Ensof0112
Long

USD/CAD Long Play

FX:USDCAD   U.S. Dollar/Canadian Dollar
231 5 1
I bought USD/CAD             from 1.0250 and will add on dips close to 200 day MA which is currently acting as strong support.
DXY             is gaining strength. MACD crossover is bullish . 55 day MA is above 200 day MA which too is bullish . 200 day MA is in line with the rising bullish trendline.

If the bounce sustains, long-term bullish target would be 1.05-1.06 range which has acted as resistance almost 3-5 times on the weekly. if the trade works I will sell 3/4th of my position in the 1.04-1.05 zone and leave the trailer for possible 1.06 breakout in the long term.
CAD gains if BoC             raises rates (hasn't shown any intentions) or when commodities (especially bullish Crude Oil             ) rises. These two events would negate the trade.

Exit Plan:
Sell most of the position on sustained close below the 200 day MA and if the price breaks the trend line.
izaniahmad900
3 years ago
Firm analysis...
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nayach.alniswan
3 years ago
Great Work
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Ensof0112
3 years ago
Thanks!
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Ensof0112
3 years ago
Taking off 1/2 size here (entry from 1.0250). Will trim and trail the remaining position from here on for a potential retest of 1.0600 in the coming weeks.
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