USDCAD: Clear Bullish Breakout

USDCAD: has been on a strong bearish run since mid May when the pair was trading at 1.380. The pair bottomed out just above 1.240 at the end of July, a decrease of 10.14% since mid May. On August 7, the pair managed to break out of the declining channel as price increased way above the resistance line of 1.270. Thus, the breakout is an indication of a bullish run. In addition, it is important to note that this bearish run has undo all the gains made during the election period.

Strategy:

Plan A: Buy at 1.270-1.272, Target Price 1.285/1.300, Stop Loss 1.260

4-Hour Chart

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