The decline of the USD / CAD pair to rather low prices gave impetus for new upward moves in the market. This means that bulls can get profit, especially if they open long positions from 1.27700 to 1.18300:
In fact, yesterday's movement can be taken as the primary initiative, while the sellers' stops for the last two trading days can be the target level. Such a transaction has a 1: 1 risk / profit ratio.
Then, the stop-loss level will be yesterday's low, while the take profit level will be Monday's high.
This is an example of Price Action and Stop Hunting strategies.
Of course, traders still need to be careful since this financial market is very uncertain. But, it is also very profitable as long as the right approach is used.
Good luck!
