USDCAD: Correction over, buy before NFP.
It seems that USDCAD has hit rock bottom, reaching a strong support level showing buyers have emerged at this level.
The fundamental landscape has been very negative for the US dollar but I think this time the unexpected will happen and we will see a rally.
Buying after this bar closes, as long as above the blue line is a good idea, but we can also attempt to buy a minor retracement, if any, or market buy now and scale in on a retracement.
Stop loss should be below the blue line, with some wiggle room based on ATR.
Good luck!
Ivan.
The fundamental landscape has been very negative for the US dollar but I think this time the unexpected will happen and we will see a rally.
Buying after this bar closes, as long as above the blue line is a good idea, but we can also attempt to buy a minor retracement, if any, or market buy now and scale in on a retracement.
Stop loss should be below the blue line, with some wiggle room based on ATR.
Good luck!
Ivan.
Trade closed: stop reached:
Target wasn't hit but the trade was profitable.
