Buy stop placed at 1.31550. Stop loss placed below previous low of the double bottom. Take profit placed before the top of the double top and under a possible minor resistance level. Price looks to be in a healthy uptrend on the daily timeframe. There is divergence pointed out on the hourly timeframe. Price has formed a double bottom at the B point of a XABCD double top which i often see. Again hoping trade doesn't get triggered early or Stopped out accidentally. This pair isnt exactly correlating with other USD pairs since many of them are moving up and actually looking to reverse and see the dollar weaken this pair is opposing them heading down and looking to reverse seeing the dollar strengthen. The power of Cad may be stronger in this pair and I shall check other Cad pairs and update this post as to what they look like. Either way the opposing correlation is concerning.
Comment:
looking at GCAD and CADJPY this pair seems to be correlating fine so that eases a bit of my concern.
Trade closed: stop reached