The USDCAD in the early U.K. session found a bottom at its Asian session lows. It subsequently broke above its Asian session high for a second time.
A long was taken risking 9 pips for a potential 42 pips to our daily target at 1.2647. Price moved higher with a small pullback going into the U.S. session overlap. As price attempted to climb above yesterday’s high, it began to run into sellers – leaving long upper wicks on the candles.
After price left a very long upper wick, just beneath our target, we tightened up our profit stop and our trade was closed.
Levels to currently watch:
Above 1.2650, 1.2683, 1.2700, 1.2738, 1.2750
Below 1.2620, 1.2600, 1.2580, 1.2550, 1.2500
It will be short trading week for me with Friday and Monday off.
Good luck with your trading!