USDCAD WEEKLY CHART
The price of USDCAD have being trending in diagonal pattern.
Today being July 30,2013 the price hit the Weekly Lower Channel at 1.02510 then started a bullish trend.
As price continues to move in an upward direction, it will hit the Upper Channel at 1.05875
If the price hit 1.05875 wait for price reaction to form a candle reversal or continuation patterns before any trading decision can be consider on Weekly time frame.
Below screenshot shows the Weekly Chart .
USDCAD DAILY CHART
When the price hit the Lower Channel in Weekly time frame, Then Zoom to the Daily time frame for entry point. As the daily candle closed it formed bullish Outside Bar candle set up at the daily Lower Channel as price breakout from bearish Trendline. Place a buy stop at the high of July 30, 2013 candle.Place stop loss at five pips below the Lower Channel.
Below screenshot shows the Daily Chart