USD/CAD Long Trade Meets First Target
USD/CAD Technical Strategy: Long USDCAD at 1.0323, Targeting Above 1.0451
Floating Profit / Loss: +75 pips
We entered long USDCAD at 1.0323. The pair has met our initial objective with a break above resistance at 1.0367, the 50% Fibonacci retracement. We will continue to hold long, aiming for a move above the 61.8% level at 1.0451 as the next objective. The stop-loss has been revised to the breakeven level.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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