EURCAD long

For my previous post and context see below:

I expect this pair to retrace soon. I will be looking for a last leg lower towards 1.47 zone before we see a reversal. I need to see an impulse of lesser degree on lower time frames to buy after the minor consolidation.
(the arrows show an indication of what I like to see)

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Commentaire:

Watch for break of this wedge pattern. The chart shows an extended pattern and the reversal might therefore be sharp. We are able to spot quadruple divergence which is a strong warning as well that a reversal may be next.

for target keep an eye on 1.495 and 1.51 for now.

Commentaire:

We didn't see the break I was looking for and now I'll be looking for the same thing. I need to see an impulse higher break out of the bearish structure for a buy after a correction of lesser degree. If it breaks lower we should be looking to sell.

Transaction en cours:

I call the CAD trades 'active' but I have specific rules when it comes to risk management. So not jumping in on all CAD pairs at once or with same exposure. Nevertheless the EURCAD also looks ready for a deeper bullish correction.

Commentaire: