USDCAD Forecast (Another push lower and possible Cypher?) 5th Feb, 2014

USDCAD Forecast (Another push lower and possible Cypher?) 5th Feb, 2014

Daily Chart

Hourly Chart

Outlook Trade opportunity

I am still bias for a new high to 1.14, this is because this pair moves very harmonically balanced. Anyways, we'll be talking about shorting when it gets there.

For the mean time, i see this potential Cypher pattern coming up (note Leg C is a bit short to complete a 1.272 x-a ext, but will still take it)

The PRZ / buy zone is at good levels for support and also at a major fib ext level from a weekly/ monthly chart. which we never retest as support.

Could watch price action if we go into buy zone before entering trade

Risk Level LOW

Tips -

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