A long opportunity may be shaping up on USD/CAD. The pair is in an uptrend, and the daily chart shows the pair testing the rising trendline. So far, it is respecting the trendline as support.
Also, note the area of resistance at 1.3000 that has been tested three times in the past three months. If price moves up again, it'll be interesting to see how it behaves around this area.
I'm going to test the waters with a buy order just above today's high, with an initial stop below the rising trendline. If the pair respects the trendline and takes out the current high on today's bar, I'll expect it to continue to move in my direction. As always, though, I could be wrong!
- Long Order: 1.2620
- Initial Stoploss: 1.2437
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