I entered long USDCAD at 1.0501. Broadly speaking, positioning has been little changed since prices first overcame the 1.06 figure two weeks ago, with the pair consolidating in a broad range between 1.0681 and 1.0498. I now also notice the outlines of a rising channel established from the swing low in early August, with its lower boundary reinforcing support at the range bottom. On balance, positioning remains broadly bullish and I will remain long, targeting 1.0713. A stop-loss will be activated on a daily close below 1.0393.
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