EURCAD has more room to go

EURCAD has completed trend line break out, retest and is on its leg up. On a broader view, it is mid-way through its monthly chart range. Zooming in, EURCAD has two patterns - Cup and Elliot Wave formation. I expect EURCAD to move higher, in tandem with higher EU, and then make a deep corrective move down. My belief is that fundamental challenges in Europe are not resolved and their risk have not been priced in after the French election win. Brexit, local elections, Italian election, Greece, trade balance, immigration (to name a few).

Trade strategy for EURCAD is to ride the wave up (LONG), then watch for correct at the two range indicated (SHORT) all the way to trend line.