Good afternoon guys,

Looks like markets are moving towards the safe haven currencies, USD and JPY.

We are looking to add a position on the USDCAD as it has broken a descending wedge formation and created a number of reversal candles on the daily time frame.

USDCAD Daily Time Frame

USDCAD – 1 Hour Time Frame

We are looking to position our stop loss below the 618% Fib retracement. It looks like the market has formed a base at the 78% Fib retracement.

Trade setup: BUY Market execution, current price 1.3490, stop loss 1.3423 and take profit 1.3609.

Stop loss: 67 pips

Take profit: 119 pips