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