Good evening Forex Kings,
We have some high impact data releases coming up over the next couple of days. Be prepared for a busy Thursday and Friday night.
The USDCAD is now breaking out of a BULL FLAG structure as well as a pennant formation.
We are already short NZDUSD and AUDUSD therefore anyone trading this should reduce the risk on this position. You do not want to have 3 positions with the same risk all banking on the same outcome.
There is a fairly good risk to reward on this set up.
USDCAD – 4 Hour Time Frame
USDCAD – 1 Hour Time Frame
Trade Setup: BUY – Market order (current price 1.4065), stop loss set at 1.3995 and take profit 1.4245
Stop loss: 70 PIPS
Take Profit: 180 PIPS