See the linked post for the entry analysis involving H4 technicals converging with fundamental news released this morning by the US and Canada. As for the technicals here in this post, we have a clear and well developed uptrend on the weekly chart which represents a recovery from steep drops in 2016 and the end of 2017. The pair spent nearly all of 2018 steadily gaining ground and seems to me to be poised to test the highs of 2017 in the next month or so giving us an initial long term profit target near the 1.37 handle for a profit of over 300 pips! After that, we have a more arbitrary profit target loosely corresponding to an expected bounce off of the upper trend boundary before ultimately moving up to the 2016 high near the 1.45 handle.
This of course is all contingent upon a continuation of broad US economic strength and stability.
I have this trade opened at a relatively low size on a long term sub account with intentions to increase my size when and if opportunities present themselves over the next few weeks.
This of course is all contingent upon a continuation of broad US economic strength and stability.
I have this trade opened at a relatively low size on a long term sub account with intentions to increase my size when and if opportunities present themselves over the next few weeks.
