An update from the previous post on the USDCAD forex position. Since establishing the position, the price action consolidated for a couple of periods before exploding up north breaking the 1.0000 level.
Technical Analysis (Ichimoku Kinko Hyo)
Every components within the ichimoku chart is very bullish. The ichimoku cloud has also raised the support level in the periods to come.
Trading Strategy (Ichimoku trading)
If position already established, stay put. If not in position, nearest support level to establish new long position will be at 1.000 level as of now. Depending how the price action in the coming periods, the likelihood of a consolidation for the price activities is high.
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