USDCAD update

٢٩ نوفمبر ٢٠١٦

I am already long from last week on this trade but a new buy opportunity is arising with smaller risk... Looks like we are seeing a pullback towards buying source on daily chart. Usually i would prefer a bigger pullback but we have broken through weekly resistance with a strong close on weekly chart and with that in mind I see sellers being capped around this area. and buyers defending this area aggressively. Additionally a break of the daily lows from last week will see more liquidity into the market making it a nice fake out before the move up. I would be happy to set limit orders at and around the 1.337 area, targets 1.37 and stops at 1.325.