USDCAD – BUY – 6th May 2020

USDCAD – BUY – 6th May 2020 (Closed)

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

Trade Setup
BUY - Market Order

Entry
1.4065

Take Profit
1.4245

Stop Loss
1.3995