Only charts

I am long on usdcad "loonie" at 1.3020 but I am looking to add more to my current position at 1.2940 area and 1.2880 area. My stop loss for this trade will be on daily close below 1.2880 area . My target is 1.3240 in the medium term view , I think the catalyst will be better than expected US retail sales due tomorrow at 12:30 GMT.

USDCAD has been trading in an uptrend channel for the last 7 0r 8 trading days . After the us fed declared that the economy is still in pace and working fine with employment figures and wages . No assessment of the inflation has been mentioned so the dollar reversed the gains momentarily. Of course , personally believe that charts rule and the fundamentals are just the catalyst. Fundamentala come out at the perfect time to make the markets move in the right direction. Anyway , as below screenshot of #usdcad chart on the 4h time frame , the pair is holding above the 200 MA and first area of support lies around 1.3130 area , the pair ia expected to fall to this area and beyond after breaking the channel.