Scenario for USDCAD

Jan 27, 2016

If the count is correct of course. However also alternate counts indicate that USDCAD is in a Bear trend (in daily proportions) and that there is a good deal of probability for prices to go down to the levels indicated on the chart. Good Trades.

Jan 28, 2016

Note

still short

Feb 3, 2016

Note

Short term traders cover your shorts now and wait for the next possible move to down to 1.33

Mar 1, 2016

Trade closed: target reached

Our Targets are all fulfilled. Notice that how the price stuck around our 1st target before advancing down to the second target. Mind you that these targets were set up a month ago when this chart study was published. Nevertheless I updated this chart in terms of wave structure and opted an ABC (SEE Updated more recent studies). What is next? I believe price will start moving around the second target range before the UP move starts. I will let you know. Good trades.