USDCAD in pullback range from larger timeframe uptrend, buy

27 Nov 2014

We are looking for the magenta line to take profits... Of course it can go to new highs, but at least most of our position is sold at the magenta line... why? we are currently in a range, and this is the magnetic zone. It is where price bounces back to before going lower, and ultimately, it is where the price will blast off to new highs from... Ok, our support line is fairly obvious... our stop is below the low... but our support line is showing the area where only fat tails peirce... Our take profit area is pretty basic, we have a previous hit in that zone, as well as previous support and resistance on that line.