Trade of the day: USDCAD

USDCADH1

The pair has been on an uptrend for several sessions, making an impressive climb with price showing a series of higher lows. In yesterdays session price approached and touched the outlined support zone. A bounce off that zone seems to be in progress at the moment and there is potential for more upside.

Technical indicators including the 50 MA and the RSI also support further bullish movement. In the event that price breaks below the rising trend line, then each previous low can be taken as profit targets for short positions.

Potential profit target for long positions can be 1.24469, which is a previous support level that could now act as a resistance. Stops can be placed just below the last active low in the uptrend.

Always trade responsibly and remember to use a stop loss. 

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