Long On USDCAD

USDCAD has touched a supportive trendline, indicating potential for a long position. Bulls can go long on the pair now with a first target at 1.37300, and a stop loss a few pips below the supportive trendline and previous low. This gives a great risk to reward ratio of 1:3! A break below the supportive trendline makes this idea invalid and we will need to reassess the pair.

Traders should we be cautious when trading today and use proper risk management due to NFP. The heightened volatility could easily result in stop losses being hit.

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Best of luck traders!