Hi,
USD has been showing their strength for last few weeks, thanks to Biden stimulus which is contributing to a brighter economic outlook of the states. As a country with a high availability on the Covid-19 vaccine, the strength of the currency could continue.
Actually there is a channel on a daily chart that could be in contention of breach. However, if we look on the 1H Chart, there is also a strong resistance that could coincide on the breach of the daily chart. I am going long on USDCAD if there is a strong breach above 1.2630. Targeting 100 pips in the process.
Happy Trading!
USD has been showing their strength for last few weeks, thanks to Biden stimulus which is contributing to a brighter economic outlook of the states. As a country with a high availability on the Covid-19 vaccine, the strength of the currency could continue.
Actually there is a channel on a daily chart that could be in contention of breach. However, if we look on the 1H Chart, there is also a strong resistance that could coincide on the breach of the daily chart. I am going long on USDCAD if there is a strong breach above 1.2630. Targeting 100 pips in the process.
Happy Trading!
Trade closed: stop reached
Did my trade above 1.2630, however the breakout did not last long.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.