Now you know how I feel about CAD pairs (they can be so volatile and create meaningless and annoyingly long wicks) so I would tread softly while trading this pair. Meaning, trade small with so you can be a little more liberal with your stop-loss. But this could be my coveted DIAMOND setup!
Here's why I'm interested in this trade...
possible counter-trend breakout if the bulls push the price over where I drew my trend line
price is trading above a pretty resilient 200-EMA
the MFI shows the price as being oversold in this trading period
the MFI also shows bullish-divergence in contrast with the lower-highs created by the charts price action.
the MFI is rising meaning the demand is rising. And price follows demand.
Be safe and do your own DD. I Will watch this... but I will NOT make a move until price shows strong bullish action.
Order cancelled
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I hate CAD pairs I swear lol. No biggie, it never did anything to put any real size in, and for that reason, I'm out. ✌🏾
Comment
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By the way, I'm out unless this thing turns around. It could just be consolidating for a big push in either direction. In that case, I will be watching for any bullish action to be interested in this again.
Trade closed: target reached
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Caught about 30 pips on this. I knew it was going to break up but that consolidation channel probably took a lot of us out.