Being in a daily uptrend, USD/CAD has strongly rejected a previous support level (1.0860), and the 0.5 and 0.618 Fibonacci level in its pullback and closing on Friday 29th August 2014 above the 50ema as both an outside bar and a low test giving well-founded signs of imminent bullish continuation.
A drawback to this trade would be that the weekly chart is still in a pullback.
Entry - above Friday's close
Stop loss - ideally below Friday's close
Target - initial level at previous highs
A drawback to this trade would be that the weekly chart is still in a pullback.
Entry - above Friday's close
Stop loss - ideally below Friday's close
Target - initial level at previous highs
