- (blue line)
- consolidation over the last month at this price level
The opportunity presents itself with a very decent 2/1 reward/risk ratio for target 1 (. ) and 3/1 for target 2 (. ).
Question is however how long this consilidation is going to persist as on the we have a or forming and a breakout to both sides seems possible.
Good luck if you are trading this and may the pips be with you. As always, constructive comments are always welcome !
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- I am just a novice trader, been looking at forex trading for only 6-7 months
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Nevertheless, thanks a lot for your positive feedback ! Really appreciated !
I think that it's a solid analysis especially even though the long term seems bullish, the weekly chart indicates that a deeper correction could be int the cards as well.
I know you're not too much in fundamentals but I find interesting that the leg up only occurred on friday because of the NFP results. The NFP number was good of course but most of the US data that were released this month have been kind of weak so far. Probably not good enough for an interest hike...
The oil prices have been ranging between 49 and 54 for while and the production is starting to slow down and the stocks my shrink.
So... the Canadian dollar could potentially recover before the US interest hike which will be like an atomic bomb across all the charts ! :D