USDCAD is trading inside a Triangle formation shown in the chart with blue dashed lines. It already retraced 61.8% from previous pick, pulled back and rallied back up, now touching the 50%, structure resistance zone and the downtrend line of the Triangle.
The support elements we see are the 2 SMA lines (fast and 50) and the 1.23 minor structure zone (of course also the uptrend of the Triangle).
If it will rally up, it can complete a bearish Gartley. If it will breakdown the Triangle formation, it will probably reach the 200 SMA line
USDCAD reached harmonic pattern's PRZ. Interesting towards NFP
IvanLabrie
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I think it'll hit 1.272 at least. Seriously doubt it'll fall much if at all from here.
What target would you have for a correction out of this level? 0.382 of cd?
IvanLabrie
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If it hits that I'm buying the lows ;)
IvanLabrie
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Then ride into 1.272/0.886. I'm sure it'll hit that eventually, maybe even 1.618/2.24.
themarketzone
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1.24, 1.23 and 1.22 are the target zones for this setup.. For it to reach below 1.24, it will have to close below the two trend line I mentioned that currently act like support.
It could spike all the way up to 1.28, although I do think 1.27 is also a reasonable target zone.
For me, the minute that it enters the PRZ it stops being a bullish trade .. I prefer to wait for my entry than to aim for another 100 pips that may not come if the pattern will reverse right from the PRZ level.
NFP sure create some spikes.
IvanLabrie
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It retraced nicely, but won't reach your target I believe.
We'll know soon enough. Might form a triangle and go sideways in the 4h chart.
My target.Closed half and waiting.