USDCAD Wash and Rinse - long chance after July strong leg up
CAD still looks to be consolidating sideways after the nice move up off the early July lows from A to B. Since price hasn't collapsed after taking out the lows at D, it looks like stop hunting may have taken place.
The long wick of the bear candle at E is a nice place to hide a new stop. If there are really large traders operating in this market, (and there are if this really is a wash and rinse) they will protect that low now that the stops at D are in their pockets.
As far as targets go, you could play this one conservatively and just look for a new test of the highs around B, but I feel that the strength of the move from A to B merits a stab at a larger target. I'm picking the top of this channel action-reaction set for my target.
If price just blows through lower channel boundary, then so be it, but this is a great place to risk about 65 pips for a chance at over 300.
The long wick of the bear candle at E is a nice place to hide a new stop. If there are really large traders operating in this market, (and there are if this really is a wash and rinse) they will protect that low now that the stops at D are in their pockets.
As far as targets go, you could play this one conservatively and just look for a new test of the highs around B, but I feel that the strength of the move from A to B merits a stab at a larger target. I'm picking the top of this channel action-reaction set for my target.
If price just blows through lower channel boundary, then so be it, but this is a great place to risk about 65 pips for a chance at over 300.
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