You may be better served risk wise to just wait until next week to mess with this. But Cadchf came off the .618 retrace and both trend lines of its impulse wave patterns. I would prefer to see a bull trap pattern before entering but the .38 retrace of what is possibly a wave 3 lines right up with a wave 5 clear out of this smaller wave. That target would make sense because we could just be on wave 3 of 5... Or we will get a much deeper retrace of this 5 wave. Being Cadchf, I would prefer to see some more confirming price action here at the end, but be on the lookout for possible sell entries to that level in this upcoming week. For better understanding of what I mean by price action and whatnot, subscribe to my you tube channel and watch the free educational live streams.
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looks like making a flag to sell on 30 min/1hr charts
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I did a video on this yesterday and explained my full wave analysis. I suggest u watch it if you are going to trade this pair. Like 12 min long. As I looked at it some more, I think it may only be a 23% fib retrace, then the buy. It's hard to try to explain, but I would look more to the level at pink line. Keep in mind it very well may be making a wave 4 correction so keep in mind we may be getting a flat or triangle.