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The SNB stunned markets in January 2015 by reversing the 1.20 francs per euro cap, thus uncoupling the Swiss franc. The currency soared immediately to multi year highs against virtually all other majors breaking support/resistance trend lines in the process. CADCHF tested the 2015 lows again last month and held support (double bottom) and is likely to test the multi year support trend line turned resistance between 0.7640 and 0.7740. However, current price action suggests a pullback to 0.7120, the 38.2% retracement of the first wave of our new uptrend. Price action in crude oil is also in support of this outlook with a possible bottom forming around $33. We'll look to go long at 0.7130 with stops below 0.7030 (68.1% retracement) targeting 0.7630 for a 5:1 risk/reward ratio. Event trigger for wave 3 likely to be CAD change in payrolls/unemployment rate due on Friday (5/02/2016). The SNB stunned markets in January 2015 by reversing the 1.20 francs per euro cap, thus uncoupling the Swiss franc. The currency soared immediately to multi year highs against virtually all other majors breaking support/resistance trend lines in the process. CADCHF tested the 2015 lows again last month and held support (double bottom) and is likely to test the multi year support trend line turned resistance between 0.7640 and 0.7740. However, current price action suggests a pullback to 0.7120, the 38.2% retracement of the first wave of our new uptrend. Price action in crude oil is also in support of this outlook with a possible bottom forming around $33. We'll look to go long at 0.7130 with stops below 0.7030 (68.1% retracement) targeting 0.7630 for a 5:1 risk/reward ratio. Event trigger for wave 3 likely to be CAD change in payrolls/unemployment rate due on Friday (5/02/2016). 