USDCAD – BUY – 14th May 2021

USDCAD – BUY – 14th May 2021 (Closed)

Good afternoon team,

This week we have seen a continuation of the risk off move with global equities moving lower along with crude oil. The USD has moved higher due to the increased demand for safe haven currencies. We are now looking to position on the USDCAD as we expect a bounce from the double bottom zone and for crude to continue its downside which should play into this position.

USDCAD – Weekly Charts

Based on the double bottom formation and falling wedge we are expecting a larger reversal on the pair.

USDCAD – 1 Hour Charts

The 1 hour charts are also showing a shorter term falling wedge breakout suggesting bulls are back in control.

Trade Setup: BUY Market execution, current price 1.2168, stop loss 1.2068 and take profit 1.2668

Stop loss: 100 pips

Take profit: 500 pips

Trade Setup
BUY Market Execution

Entry
1.2168

Take Profit
1.2668

Stop Loss
1.2068