FX:USDCAD U.S. Dollar/Canadian Dollar
The USD/CAD is trading within a formation. It is currently around the resistance levels, and so our current bias is . The 50% retrace seems to be holding up thus far, and we're looking for a simple trade with the direction of the channel. The trade will be based upon a break of the internal ascending trend-line, a break of the 50 equilibrium to the downside, and finally a break of the 50 to the downside. Our current trading plan carries around a 2.5 to 1 risk:reward ratio. It should be noted, that our longer term outlook for the pair is still , so this trade is not about staying in the market for a prolonged period, rather just about looking for shorter term entry and exit.