Today’s chart of the day, USDCAD, has broken out of a large area of resistance. The 1.2980 area is visible on both the hourly and daily charts. We had a solid punch through the area during Thursday’s trade, meaning I am now looking for a return to the area.
Upon return to the area I will look to buy, and am currently bid 1.2976. My target is currently 1.3045, my stop is 1.2927. This gives around 1.5R. The order is subject to change, should new structure form ahead, thereby changing the trade dynamics.