Was hard to tell which way EURCAD
would breakout of this wedge
. We were leaning to the upside as our algorithm was pointing higher BUT ultimately we needed to see price confirmation. Once this pair broke above the upper wedge
line by +10 Pips we were able to confirm our algorithm and take a long position. Keep in mind this is only the 1H chart and it should be viewed simply as a scalp trade and nothing more. The move produced up to 70+ Pips, admittedly we captured slightly less than half that move by the time we came in the office this morning.
Now this pair can be watched to hold the upper wedge
line on this latest minor pullback. If it can hold, within reason, we could see another run higher.