Consolidation towards 1.4000 evident on the 4H chart.
No position opened yet, waiting patiently for a firm move above/below channel.
Break above - Target 1.4300
Break below - Target 1.3810
Eye on fundamentals as always.
Break of downward channel in the hourly chart. Pull-back bounced off of channel showing support, wondering if this means we shift upward.
SL and TP as shown - SL just inside channel, attempting to avoid a premature stop.
Eye on WTI, Brent, Upcoming news.
REPORTS OF GLOBAL OIL SUPPLY INCREASE (IRAN SANCTIONS LIFTED)
HEAVY INFLUENCE FOR CAD + BOC TO LOWER INTEREST RATES - FUNDAMENTALS POINT TO STRONGER USDCAD
TP SET AT 1.4700, MANAGING RISK WITH SL AT 1.4490 (R/W ~ 4.00)
Expected pull back due to 9-day run. Pull back to previous resistance at 1.4000.
This level critical for follow up and evaluation of fundamentals to gain clear picture for longer term trade. Heavy emphasis on crude - Possible fall to 1.34/1.28, possible gains to 1.55+.