The beginning of a new uptrend?

FX:USDCAD   US-Dollar / Kanadischer Dollar
Hello Traders,

The previous week offered a decent intra-week opportunity for me to short oil for a 2 day hold on the short (covered on Friday at daily 200 MA).

Now on to longer time-frame opportunities with oil and oil related assets. Overlaid on the chart is an area chart of WTI Crude Oil (ticker: /CL). With the potential for further weakness in the black gold we can see the Canadian Dollar trade lower thus pushing USD/CAD above 1.3600 opening the way for the currency pair to trade back up to 1.400 - 1.4500 continuing the trend higher.

Keep an eye on crude breaking/bouncing on the ascending trend-line and daily 200 MA.

The trade:
  • No position until we get Daily close above 1.3600.
  • Upon a break I'm committing 1% risk to the position.
  • Stop placement will be determined upon a break above 1.3600.
Moving Averages:
  • We remain bullish on the bullish 10EMA/50MA crossover.
  • Trading well above Weekly 200 MA.

"A man does note have to marry one side of the market till death do them part." - Edwin Lefèvre

Monthly Bar Chart:

Daily Bar Chart:
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