EliteTrader101

UCAD False break prediction

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
UCAD is forming a triangle and I think it will drop below the previous day's low to hit the stops, then reverse back up to the other side of the triangle to begin the move. It will probably drop 5 pips below the previous low right at a demand zone and a VWAP support. This will be a very high reward trade with a tight 10-15 pip stop. Gold and Silver looks very weak also. This should cause UCAD to spike up like it did in the past if you take a look at the monthly charts. Final target of 1.52, its a cup and handle pattern so a measured move takes you to the supply zone of 1.52 to 1.55
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