As at close of business today, the USD/CAD pair has just completed a bullish key reversal pattern.
A key reversal occurs when the following happens:
1.) An extended bearish decline in prices for several price periods. In this case, the USD/CAD pair has dropped all the way from a high of 1.4645 in January 2016 and got to a low today of 1.2430. Now that is a drop of over 2000 pips. This decline is long overdue for a correction guys!!!
2.) The market makes a new low and then closes significantly above the previous day's high. This just happened today! The market made a new low of 1.2430 and then as I write closed at 1.2720. Yesterday's high was 1.25570. Therefore, today's high of 1.2720 is significantly higher than yesterday's .
These two conditions present an opportunity. I have gone long myself and would be posting the screenshots shortly.
Good luck guys.
BUY AT 1.2720 AND PUT A STOP LOSS ORDER AT 1.2430. POSSIBLE TARGETS ( THE 50 PERIOD MOVING AVERAGE 1.2990).