Price is pointing to an upward move to the 1.34 area. It first has to break out of the HTF correction. That train may have already left the station but I am looking for an A-B-C move down into my PRZ followed by the start of the rise. Watch for a bounce off the daily pattern line. If it starts a steep pull back I would suggest taking profit and re-entering after the pull back. If price breaks the pattern line and gives a kinder gentler pullback we can add to our position. Oil is looking weak on global uncertainty which should also weaken the CAD.
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Price has hit the daily pattern line. If you are in the trade I would suggest taking some profit now. If it bounces it may return down to the bottom pattern line. If it breaks look for a bullish flag and re-enter or add to your position.
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I hope those who are in this trade did as I suggested and took profit. The retracement may be near to the end and another move up to follow. As I have mentioned before this pair seems to gravitate to the 38 fib which adds an the down impulse has touched the 1.27 extension. Look for shallow consolidation or bull flag a good idea would be to buy the break of this. If a sharp pull back from here below the purple TL could indicate a HTF correction.
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Target level 2 hit. I will take some off and see how the next correction looks.
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I am looking for some pull back before continuing higher.
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watch for a bounce off the disrespected daily pattern line (green dotted) in the original chart. It could be a place for a hook and go.
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No hook and go this time. Watch oil prices as there is a direct correlation with oil and this pair.
A hook and go is when price breaks out of a pattern comes back to the pattern or trend line (they are different) and bounces off and continues in the direction it was heading. A correction back to the pattern line so to speak. The idea in this case is the line is resistance and if it disrespects the line the resistance becomes support. Hope that explains it.