USDCAD - Bearish Cypher
Updated
The sell-off in USDCAD could be coming to an end at the 70.70% retracement level with stochastics firmly in oversold territory.
We've noted a 1.272% extension of the impulse leg down (green box shows 1.272 - 1.414 Fib levels) which would suggest a move up to around 1.27200 to complete the pattern.
A break and close below 1.25130 will invalidate this pattern, and we are looking for a reversal sign between 1.27200 and 1.27700 before shorting this pair in the direction of the prevailing trend.
All the best,
Mase.
We've noted a 1.272% extension of the impulse leg down (green box shows 1.272 - 1.414 Fib levels) which would suggest a move up to around 1.27200 to complete the pattern.
A break and close below 1.25130 will invalidate this pattern, and we are looking for a reversal sign between 1.27200 and 1.27700 before shorting this pair in the direction of the prevailing trend.
All the best,
Mase.
Note
Price pushed below the 1.25100 level invalidating this trade plan. We are now looking to a longer term bullish Bat pattern completing at 1.24600:
Order cancelled
Note
The larger Bat pattern has now completed.Congratulations to our clients that have taken 190 pips off the table at 2nd targets this morning for a fantastic 3.2:1 Reward to Risk trade.
A quick look at USOIL suggests that this pair has more upside left in it so instead of taking our second targets, we have rolled our stops up to try and profit from a longer term move north.
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