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Collins: Bullish on USDCAD

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Alan Collins talks us through his trade in USDCAD which he believes has upside potential after a peroid of consolidation: "The backdrop to this currency pair is the fact that through December and January prices were ‘hugging’ the top end of rising Keltner channel – a clear sign of a positive trend. 
During February the market consolidated in the middle of a flat channel but this has ended during the last 8 days with a renewal of demand and renewal of a positive Keltner channel.
Despite the last 2 days showing sideways movement, the underlying tone remains bullish with profit taking setbacks temporary and limited. "


Alan says the 2009 top of 1.3063 is a reasonable objective in the coming days. 

Interim levels include 1.2863 and 1.2943 and only a move below 1.2682 threatens this scenario.

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