I was just checking this USDCAD monthly chart and I found out a pattern that I like the most and very powerful one. It is called ''Cup and Handle'' and is a long term formation that takes months to build. As we can see, it started building in 2009 and we are very close to break out the horizontal like we starts the effect of this pattern. The target for this pattern is 1.5600 !!! Around 2,500 pips from breakout level which is 1.3063 (March 2009 high). Also fundamentals help, with Canada entering into recession period and just decreased Interest Rate last week and US close to increase Interest Rate and high levels in Productivity and very low levels in Unemployment.
Nice, i like cup and handle patterns, this is a long term one and very possible. Best regards.
IvanLabrie
⋅
Was thinking the same today. I'll try to go long tomorrow before/during NFP.
Heavy cad data will give us a very strong move up. Good thing is the minimal drawdown, these trades just go in one direction since you jump in, and you can go BE asap.
FullTimeTrader
⋅
Be careful, the idea posted by thiagold above is very long term. According to AndyM count we are at wave 5, so tomorrow i expect some correction (bad NFP news). That coincides with my GPBUSD long idea......
IvanLabrie
⋅
I expect nothing. I will go where the flow takes me. Intraday trade.
My analysis leads to a decline in eurusd, sharp, and a dax rally.