EURCAD: Daily uptrend after a huge base
We have a giant base in EURCAD, after testing a long term speed line support.
It's clear we can expect higher prices, specially if we break the last session high.
You can go long on dips to 1.48131, or on a new daily high. Stops for all positions should be at 1.47326.
Target 1.51543, although we might see a reaction at 1.50786, so keep an eye on it, and the projected date for the top: October 26th. As a sidenote, if price doesn't retest 1.46441 during Q4 2016, we have a signal that points to a rally towards 1.76219, so it might be worth it to hold long positions initiated here for the long term with a break even stop after hitting the daily targets.
Good luck,
Ivan Labrie.
It's clear we can expect higher prices, specially if we break the last session high.
You can go long on dips to 1.48131, or on a new daily high. Stops for all positions should be at 1.47326.
Target 1.51543, although we might see a reaction at 1.50786, so keep an eye on it, and the projected date for the top: October 26th. As a sidenote, if price doesn't retest 1.46441 during Q4 2016, we have a signal that points to a rally towards 1.76219, so it might be worth it to hold long positions initiated here for the long term with a break even stop after hitting the daily targets.
Good luck,
Ivan Labrie.
Comment:
The gap down isn't enticing for longs. I'd be inclined to short if price drops under last session's low even but I'm more interested in being long crude oil, and not messing with long CAD or NOK, or MXN...
Trade closed manually:
Cover short.