USDCAD - Almost reached targets - Preparing for reversal

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             is really becoming my favorite pair !

When you look at my previous idea for this pair in which I predicted the drop to the 1.34 area, you can see that 75% of the drop has already been reached and in my opinion there is not much that can keep it from dropping further to the predicted level.

Around 1.34 we have a previous resistance level which should now (at least temporarily) become support and we should see a bounce. The stop loss is defined by the bottom of the price action defining that resistance level .

I have defined 2 target areas for the upward move :
TP1 is the current price level where there is a (small) shelf, if we bounce this should be easily reached. This target presents us with a 1:1 risk reward ratio and a potential profit of around 110 pips.
TP2 is a previous support level on this time frame around the 1.3650 area, this is almost a 2.3:1 RR ratio a potential pip profit of around 250.

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Comment: Targets of the previous trade down were reached, time to look for a good entry and confirmation to go back up.
Comment: This was the previous trade :
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agree, take a look at the RSI for the previous reversal. All the best!
So excellent
+1 Reply
Thanks ! :)
Support and Resistance yes!
+1 Reply
Best trades ! ;)
TAtrader Nico.Muselle
True. :)
+1 Reply
Looking good, thanks for sharing ! :)
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Very convincing. I'm trusting that it is reliant on that oil continues to hold at current level to meet the support level or goes into/through reversal zone if oil rises. Nice observation. Thanks.
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Of course CAD is very correlated to oil, so yes, this will have to cooperate a little to have this prediction work out. I do not see OIL rising above 35$ anytime soon (as we have a previous support level there and there is just no reason to assume demand would highly increase).
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