USD/CAD
Strategy: Long at 1.0558, Targeting 1.0875
Weekly Profit / Loss: -104 pips
Total Profit / Loss: +58 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. Prices have largely moved sideways over recent weeks, but the Engulfing signal has not been invalidated and we will remain long, continuing to target 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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