TRADE: USDCAD: BUY@1.32900 Retest of broken triangle

In my last post on this pair, I noted that there was a expanding triangle developing in wave 4. Here's that post:

In the MAIN chart above, you can see that the expanding triangle was completed and prices shot up from the E point of that triangle and broke up above it to hit the .786 retrace of the previous impulse wave down and got rejected . You could've taken a buy on the breakout. I didn't. I preferred to wait for the retest for some PA confirmation. And that has now happened. Prices came back down and hit the upper TL of that expanding triangle and are now bouncing back up off of it. This is bullish PA that signals a buy.

Updatd 4HR Chart
In this updated 4Hr chart, you can see that there is a POTENTIAL cypher pattern that has also developed. I showed this also in my last post. That C point of the cypher is not set in stone yet. And if prices do reach my TP for this trade, that cypher will no longer be valid either as prices will have exceeded the limit for a cypher C point. But, just because there is the potential for a cypher does not mean it must be. Often, in an uptrend, potential cyphers get invalidated.

WAVE COUNT
By my wave count seen on that 4HR Chart above, this last push up should result in a wave 5 completion of the wave (b) of the abc correction. This move up should be the retest of the highs set back on the end of september. A failed retest should result in a large wave (c) down. Another reason I am not long for this trade.

MY TRADE PLAN
This is only a short trade to grab some pips off a high probability setup. But I am wary of testing the highs so I will be out when my TP is reached.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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