Trading tips for USD/CAD

USD/CAD saw a noticeable correction at the end of last week, following a prolonged price decline. It currently tests the level of 1.31400, driven by the rise in dollar demand.

Considering the three-wave pattern in the pair, where wave "A" represents Friday's upward movement, traders could open long positions from the blue area shown on the chart above.

Set stop-loss at 1.31 and take profit upon the breakdown of 1.32400, 1.33800 and 1.36600.

The trading idea came from the "Price Action" and "Stop Hunting" methods.

Good luck in trading and don't forget to control the risks! Have a nice day.