We’ve been watching the USDCAD since last week. I think we should see double wave correction on the daily chart before any potential continuation up. The way to join is with the break of the up trend line or neck line – the pattern formed reminds head & shoulders.
Technical Overview:
D1: 20+ candles ride on the bollinger bands, potential double wave correction
H1: Head & Shoulders, up trend line/neck line
Entry:
H1: The price pushed down near the last low on the H1 chart so now we should be looking for double wave correction on the M15 chart and sell around the trend line.
Target 1: 1.2360
Target 2: 1.2260 – watch for the Daily Opposite Bollinger Band, you may want to close your position if it is reached before 1.2260
Stop Loss: above the down trend line on H1
Yours,
Vladimir
