I expect this pair to retrace soon. I will be looking for a last leg lower towards 1.47 zone before we see a reversal. I need to see an impulse of lesser degree on lower time frames to buy after the minor consolidation. (the arrows show an indication of what I like to see)
Watch for break of this wedge pattern. The chart shows an extended pattern and the reversal might therefore be sharp. We are able to spot quadruple divergence which is a strong warning as well that a reversal may be next.
for target keep an eye on 1.495 and 1.51 for now.
Comment
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We didn't see the break I was looking for and now I'll be looking for the same thing. I need to see an impulse higher break out of the bearish structure for a buy after a correction of lesser degree. If it breaks lower we should be looking to sell.
Trade active
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I call the CAD trades 'active' but I have specific rules when it comes to risk management. So not jumping in on all CAD pairs at once or with same exposure. Nevertheless the EURCAD also looks ready for a deeper bullish correction.