USDCAD Daily Cypher Pattern

FX:USDCAD   U.S. Dollar / Canadian Dollar
Potential Cypher pattern for a continuation of the long trend.

Keep in mind though, that the shorter trend is still bearish . Seeing as the structure is still pretty far away, I would put a pretty tight stop on this one.

Still a good RR ratio of about 2:1 for the first target, and if we get a continuation there is still a lot of pips to be made if you feel like trailing your stop further after the second target is reached.

Good luck!


Fun-duh-mentals; I found that yesterday as well. Oil will be a big factor with this pair, if prices continue to climb and hold beyond 52 a barrel, this will play out. , that's the magic number for the oil sands to get back to production again. The city of Fort Mac is rebuilding, and that will take awhile. 17000 homes or so to rebuild after the big fire. Gas and Oil operations are coming back online every day.
And the USD dollar will then need some sort of catalyst, elections won't be it, that will probably just weaken the greenback further. Will be fun to see how this plays out and what drives it.
+1 Reply
1.33 rejected long time ago .. thus is less than 1 third part of the level , but you go long ... where ?
+1 Reply
We have been in an uptrend since mid 2011, and so I think going long makes sense. HOWEVER, if we do break down below the old support level around 1.245 I'd say the short bearish trend might continue for a little bit longer and I would look to exit the trade. Now, if I go long, I will enter at around 1.2515.

This might look like a long term trade though, but the reason I posted this on the daily chart instead of 240 min is because I wanted to include the old support zone.
stream TrendsWithBenefits
short UC the best idea .. target 1.10
+1 Reply
The 1.10 level is pretty far away, and I would say it's too early for a short. However, if we manage to get a break out and get a close below the trendline and/or the 1.192 support zone, then we might have a great shorting opportunity.
stream TrendsWithBenefits
if 1.10 us far away for you , then close position earlier .. but long is very much risky ,.. This pair has been pushed long time to get rejected form 1.50 , so will come back when break 1.10 . .. anyway will see ... Good luck
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