Fxtoronto
Long

Whats next for the loonie?!?

FX:USDCAD   U.S. Dollar/Canadian Dollar
56 0 3
Hello traders, just wanted to present what i think should happne with the loonie.
Earlier in the year we saw a big fall in the loonie by almost 20 cents to this day. i wasnt able to catch that move. It appears that it was just a classic ab=cd pattern fomration with an 1.618 extension. At the moment price is at the 0.618 retracement of the move, and it also appears that the price has made a double bottom right at a previous structure level. From now on i would be tempted for any long moves on this pair. Aggressive entry can at this level since with stops under the previous low at 1.298 level with first target being the completion of the double bottom. Second target is for a long swing trade that might take a couple of weeks to capitalize. Price might just make the cd leg of a bigger ab=cd and target the 1.58 level target a new higher high.
Best of luck
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