Buying NZD/CAD at 0.8318

Although we have seen mixed daily results for the last 12 sessions the 8-hour chart suggests we are in the process of completing the BC leg of a large Crab formation. This pattern will be completed at 0.8816. We have support at 0.8316 and 0.8307. On a move through the previous swing low of 0.8288, this pattern is negated. This makes for very favourable risk-reward (11R)
This zone previously attracted buyers on September 9 and 11.
Today we have the Canadian interest rate decision, monetary policy report, monetary policy statement followed later by the press conference. This will be the catalyst. We would prefer to be long (bought) before this release.
SL: 0.8273
TP1: 0.8817
R Rate 11.09
#tradeplan #NZDCAD