The USDCAD started the U.S. session dipping down to test its Asian session low… very close to yesterday’s low and found buyers. As the pair began to climb higher, a long was taken risking 20 pips for a potential 49 pips to our daily target at 1.2542.
The pair moved to the 1.2500 figure and retested this level before moving higher. Although the pair didn’t make it to our target before the U.K. close today, it was a good trade without any significant pullbacks. If you have the time to stay in the USDCAD after the U.K. close, you will often be rewarded.
A continued move higher could test 1.2600 area and the technical level at 1.2625.
Friday has lots of economic news releases so be careful trading before them.
Good luck with your trading!
