USD/CAD has broken through the neckline of a W pattern and has the look of heading higher. The price is now above all significant EMA's that are now grouped on the H1 time frame and its the same story on the H4 time frame. With no significant news until tomorrow's US CPI numbers at 13:30 GMT , there shouldn't anything that would encourage USD/CAD BEARS so the WR1 pivot at 1.3530 looks a reasonable target though we're not likely to get there until well into tomorrow. STOP is under the recent lows 1.3449.
@GMMTrading_, Yeah the current H1 candle has seen a deep retrace. This looks news related although there is resistance at 1.3471 but this is only the WPP Pivot which wouldn't normally send the BULLS packing. I'm moving the SL to 1.3445 which is under yesterday's low. Its a 28 pip STOP which isn't a lot. We're in oversold territory on the lower time frames so it may bounce but you might be right. The analysis is sound enough and I still expect USDCAD to move higher over the next few days depending on the news.
GMMTrading_
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@forextraplaces, it almost hit your second SL, really close. You dodged it, nice! Price bounced at 50% ret level of last friday's high and low
forextraplaces
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@GMMTrading_, Yeah -trades like this need micro managing so its impossible to update people. I have to look at the big picture and see if I think there's a sentiment shift. 1.3435 is my line in the sand. There's a band of support coming in there so I'll let it hit that but if the momentum is still with the bears then I'll have to exit. My other trade today GBP/AUD SHORT is heading for take profit.