The USDCAD end up breaking the inner trend line on Thursday of last week and push down to the 1.3200 level. It tested the backside of the 1.3200 level on Friday and as of now has failed there are a few good things going for this trade the ADX on the daily is approaching 20 the Stoch is waving down to the BUY zone and the 2hr is in the SELL zone as we speak. Typically, I would look to sell down to the fibonacci extension however with Oil at a high price I think that this rally will probably be short lived but until I will look to trade to the outer trend line at 1.3000. Stop needs to be over the swing high on the 2hr chart which will make the ratio worth wild taking .
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If you agree PUNCH the LIKE button and UPPERCUT to FOLLOW button. Here at Carter Kyle Capital we are the Fighters of Financial Freedom helping 1 trader at a time.
What are YOU fighting for?
Trading FOREX on margin carries a high level of risk, and may not be suitable for everyone. Past performance is not indicative of future results. Carter Kyle Capital will not accept liability for any loss or damage directly or indirectly from reliance of information.