We have a breakout on the daily today in EURCAD coming out of a rounding bottom. This is without question the highest probability pattern on my radar (including stocks, commodities, crypto, forex). It's currently my largest position.
Long term basis we have a strong upward trend as well. Notice the basing pattern on the weekly scale. That basing pattern is above the 200dma, 50dma, and just above the 21dma, and 10dma. Very powerful. The top of the range is acting as a magnet for price, so as a minimum I'd expect at least ~300 pips higher from here.
I'll be adding to weakness/retest *near* the neckline.
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Very hard retest today. I like minor retests... I am waiting for more price action from here.
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15 min chart: Blue level is a spot to add to longs
Trade closed: target reached
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We're getting another opportunity to be long EUR against CAD on a daily time frame. The rounding bottom is now forming a cup and handle: A reminder that I am super bullish on a long term basis for EURCAD. I think EUR will reach December 2008 highs against CAD (1.74) at some point, 2000 pips higher than now. Could take a few years to see that fx rate.