CADCHF Daily Chart (17 May, 2016)

20160517-CADCHF

Bullish Engulfing formed at the channel support. Notice in the daily chart above, we have a market that is making higher highs and higher lows, this represents a ascending equidistant channel. We looking for a chance to long the pair to trade with the direction of the equidistant channel. Once the long is trigger, we would set our target at the latest horizontal resistance.