iTradingForex

USDCAD looking to resume multi month long uptrend

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
I've been stalking longs in USDCAD for months now. It takes patience to find entries. As long as major swing lows are not taken out, then everything is is basically just a complicated pullback.

Canada spent most of November pulling back to its lower median parallel. A news release caused the final weak hands to get shaken out. I was happy with the way price stopped suddenly on the downsloping upper median parallel, so I bought on the small ranging bars after the large down bar on 11-21, just past the green sliding parallel.

I'm expecting this USDCAD uptrend to continue for some time now, as no technical evidence has come up that makes me think it is trying to end.

Comments

longer term targets for USDCAD....interesting confluence of support and resistance lines with fib extensionshttps://www.
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