Bullish Cypher Pattern USDCAD

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD has had a significant downward drop to current levels. The upward trending flag is a period of consolidation that this bullish Cypher pattern is predicting will continue. With a CD completion to the 78.6% retrace level, entry can be taken for standard Cypher profit taking levels with space for riding a continuation of this trend to the indicated resistance level at 1.277. This bullish Cypher offers an entry that allows to ride a rejection of the key support level of 1.249.

Risks to this include the obvious reentry into the bearish overall trend or a violation of the upper trend line making a breakout to the resistance without completion of the Cypher .

RSI standing at 68.4 is indicating overbought status, meaning a retracement for Cypher completion is reasonable to expect. Daily RSI is still on the oversold side meaning continued consolidation can be accommodated for. Minimum Stop/Loss level is at the 'X' level of the Cypher pattern .

Entry into a short position as a rejection of the resistance level at 1.277 is the clear follow on play, looking for potential breakouts to the downside as a longer term trend continuation play.
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