We are looking at a good selling opportunity with the price being at the top of the trading range. Look to hold this trade for some time if you would like to get the full move. Should be a great 800+ pip move when everything is complete.
We are looking at a possible flag pattern forming in the USD/CAD pair. Oil is steadily falling and Canadian production is slowing. The US economy is also looking pretty good in terms of economic growth and strength.
Earlier today, I sent out the signal that this could be a possible Head & Shoulders pattern forming, but this could also be a Cup and Handle pattern as well. If this is the case, we are looking for a long opportunity. Plan accordingly as we have two possible road maps.
Lets watch this daily candlestick and see if we can end up closing the gap some more, or if it even gets into the red. Unless you are already in this trade, my advice is to wait for confirmation and then enter the trade. This could be the beginning of a nice multi-day down trend that we can cash in on.