We are in a big triangle, and we probably bounced on a resistance. Trend is pretty bullish at the present time, but we could see a huge bounce to the downside.
The selling signal was seeing at 1.2568 (our point), the SL is now at our price.
Target 1.2306 2131 2026
1.2025 seems to be the point to hit. If we break the point the target would be
1.3008 - 1.1775 = 0.1233
The target is
1.2025 - 0.1233 = 1.0792
In the opposite, if the loonie is following the long trend, and if it breaks 1.2765 we will go to test 1.3000 and 1.3460.
Weekly
We are in the uptrend, we are bouncing on the 50% Fibo on the long term trend.
It s bullish at the present time but seems to be caped @ EMA 200 weekly chart which is also 50% retracement.
If we close a weekly rate above the EMA200(1.2756), the trend is going to be stronger and the target will be the area of the 1.3500
Be Short @ 1.2568 SL 1.2568 target 1.2020
Be long at 1.2750 SL 1.2419 for 1.30 and 1.35
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