with the BOC rate statement next week cadchf is ranging in the 74-75 area and i'm lookin for a mirror of the initial move down. Add to this Oil monthly was bearish and looks set to continue the decline
As anticipated price stayed below 1.65 on Friday. Now to catch the bearish momentum we want price not to rise too much above 1.64 (pink line) and target 1st the last week low and push on to 1.60 and beyond.
I've kept the stop above 1.65 as beyond that it's not the setup I am looking for.
ideally want price to hit the 1.57 area again and rally up . currently trading under the week open price as i'm expecting a bullish weekly candle. BOE interest rate out next week so may get some rally before then.
A safer entry would be to wait for tomorrow as that will show whether price has held the 1.57 level