Ian Coleman of First4Trading.net explains in a technical analysis of charts why he is buying USDCAD.

He is looking to buy on a break at 1.2600. The stop is 1.2570, but a move to 1.2620 in the trade will mean Coleman’s stop will be raised to 1.2590. The target for this one-to-two day trade is 1.2665.

Coleman explains the background to a selected trade every week on Trading Floor.

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