Your setup is spot on. I will argue that the slop of the channel will be a little shallower.
The next BOC decision on September 6 will provide the final confirmation to your setup, but then USDCAD will be more than half way towards your exit.
The BOC will meet within your 20 days time-frame. A less than bullish statement on that day, and you'll hit the target 2 days after.
Regarding OIL CAD correlation - the correlation will reemerge once the USD confirm an "Adam an Eve" double bottom and bounces off 92.80.
FUNTRADER-Vera
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@Ruby9, yes, thank for you reminding of BOC decision on Sep 6.
Usually, we wont hold a trade till then.
And for this channel, seems like being modified already with a possible double bottom.
The next BOC decision on September 6 will provide the final confirmation to your setup, but then USDCAD will be more than half way towards your exit.
The BOC will meet within your 20 days time-frame. A less than bullish statement on that day, and you'll hit the target 2 days after.
Regarding OIL CAD correlation - the correlation will reemerge once the USD confirm an "Adam an Eve" double bottom and bounces off 92.80.