Potential Long Position for USD/CAD_Trade Plan 2017.06.22

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1 and H4 are both showing the overall trend is still down with price holding below MA200.
However, in D1, price seems hold and currently rejected up from major D1 support area 1.31883-1.32497.
In H1, currently price is forming a Rising Price Channel slightly above major D1 support area.
Before news event of Canadian Core Retail Sales announced, price successfully break out 3 resistance levels (major down trendline, MA200, and resistance area 1.32806-1.32979).
Since the news have Bullish bias for Canadian, USD/CAD is going down.

Trade Plan:
If price pull back to the lowerline of price channel and rejected up, can consider to long the market to swing the consolidation range.
With Stop Loss 45 pips and Target Profit 115 pips, the potential trade offers 2.56 Reward-To-Risk Ratio.
Keep in alert if the downtrend continuation is going massive since the major trend is still down.

Giao dịch đang hoạt động:

Open partial position and see for further movement.

Giao dịch được đóng thủ công:

Just take quick 1.44R profit