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Fxprotrader

USDCAD: Potential Buy at Lower Parallel of a Rising Channel

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Fxprotrader Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
26
0
No question how beautifully the slope of this upmove is working.. Just watch at the parallels of the rising channel and you may see how many times finds good support or resistance at its parallels. In case we see price testing the lower parallel of the channel start watching for a buy setup. If price break below the parallel our view changes and we watch for short.

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Comment:
Price although it didn't reach the lower parallel of the rising channel, it broke above the downtrend it was moving in. We should now wait for a coorection to form and try to buy as low as possible
snapshot
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