USD/CAD: Weekly Setup for the Week of Feb 2-6
The USD/CAD is in rally mode with a recent uptick in the level of volatility. Therefore, we are looking to buy pullback corrections on the pair; we currently have two sets of buy orders, each with their respective stop loss. Entry #1 is more aggressive and would be a shallower pullback in terms of the bull trend. Entry #2 is more conservative and coincides with a deeper 61.8% correction in terms of the bull move. Both entries make sense to us, and so it is up to you traders to mix and match and choose whatever setup you feel more comfortable with. Only a close below our marked 2nd stop loss will alter our bullish bias on the pair.
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