USD/CAD is correlated with crude oil price in the market.
But you cannot use this information in your trading.
Now you should use candlestick patterns when making entry and exit decisions.
Read this blog post in which I analyze in detail a recent USD/CAD short trade.
This USD/CAD short trade had a stop loss of 10 pips and take profit target of 300 pips.
If you have been reading my posts, always start by looking at the weekly chart.
Once you have analyed the weekly chart, look at the daily chart.
This should give you the idea what the market wants to do.
Now use H4 chart to make the entry and exit decision.
Weekly candle is very important.
The high and low made by the weekly candle acts like support/resistance.
You should focus on this thing at the beginning of each week.
