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USD/CAD Long Trade Meets First Target

USD/CAD Long Trade Meets First Target

2013-05-29 10:49:00
Ilya Spivak, Head Strategist, APAC
Share:

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.

Forex_Strategy_USDCAD_Long_Trade_Meets_First_Target_body_Picture_5.png, USD/CAD Long Trade Meets First Target

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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