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Hello, dear traders! Here is my trading plan for USD/CAD.
After a steep drop in oil prices in the American session, the positions of the Canadian dollar were somewhat shaken.
After a false breakout on February 10, the instrument remained bullish. The pair has a great chance of rising to the level where stop orders of bears are set. See the chart below:
Thus, we have a tree-wave structure - ABC. In this case, Wave A indicates bullish activity during the Asian session today.
Long position could be considered after a bounce from the 50% Fibonacci level of 1.27100, as seen on the chart above.
A Stop Loss and a Take Profit should be placed at 1.26876 and 1.28000 respectively.
I use strategies such as Stop Hunting and Price Action when drawing up my trading plan.
Have a nice trading week! Always remember to control your risks!
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