USD/CAD
Strategy: Long at 1.0558, Targeting 1.0875
Weekly Profit / Loss: +54 pips
Total Profit / Loss: +162 pips
We entered long USDCAD at 1.0558 as prices put in a formidable Bullish Engulfing pattern on a re-test of broken resistance at the top of a falling channel that had guided prices lower since the swing high in March. After a short-lived reversal lower, the pair has once again shown a Bullish Engulfing and resumed its advance. We will remain long, initially targeting the 11/02 wick high at 1.0875. A stop-loss will be activated on a daily close below 1.0415.
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