USDCAD - Potential cypher for trend continuation

25 thg 1, 2015

This pair has been in a constant bullish trend for some time now. A cypher pattern is forming now on the 60 min chart with a trade in the direction of the pair. The potential reversal zone shows quite some Fib confluence, the only question is will the bears have enough strength to bring it down to this level.
If they do, aggressive traders can go for a .618 and 1.272 extension as targets, conservative traders go for the .382 and .618 retracement of CD. Stop loss as always goes below X.