A few weeks ago, I wrote about a nice channel being formed for USDCAD.
The rate did reach our level of 1.29 and since then has increased up to 1.32, hitting the top of the channel (resistance) and moving back towards the level 1.28.
The rate is now sitting on the 200-day moving average (again this is a repeat of what happened last month!) and therefore we expect an uptick and thus continuation of the trade.
Another important bullish sign is that RSI and Stochastic are both in oversold areas.
From my end I think that we should go LONG from area of 1.28 with first target at 1.30 and final target at 1.31.
What do you think? Are we going to have an exact repetition?