Strategy: Long at 1.0501, Targeting 1.0713
Weekly Profit / Loss: -41 pips
Total Profit / Loss: +42 pips
We 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. We now 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 we will remain long, targeting 1.0713. A stop-loss will be activated on a daily close below 1.0393.
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