Please check the Long term analysis for the bigger picture;
As per the bigger picture we know there is a Flat structure forming and hence we will have a downward Impulse; In short we will have a 5 Wave structure formed in the downward direction; Below is the Wave 1 complete picture verifying every Wave in the Wave 1 which confirms completion of the Wave 1 and now...
We see a downward Impulse complete and then a Correction ABC, in the upward direction which is Wave A; Wave B will be a downward correction as Wave B is in counter Trend direction; also we see in Wave B we have a Wave A as a 3 Wave structure Wave B also is a 3 Wave structure hence Wave C will be a downward Impulse and...
USDCAD has given us a beautiful retracement to the downside and this has given a great opportunity to take a long in this pair.
This region holds strong support(Weekly and Monthly) at prices that are supposed to bounce from here to the region of 1.38900 approx.
So, we can take a long position here :)
FOLLOW US FOR MORE!!!
Okay, so what kind of situation do we have here in this pair...
Today USDCAD got support around at 1.37500 area. Now, prices might test 1.39000 levels before continuation to the downtrend ( As the region is broken).
But it's not the right time to enter short as we have to see the market reaction at 1.39000 levels. If prices get a rejection from there then we...
There is a wedge pattern in daily chart of USDCAD, and indicating that it may test 1.3800 level again.
So, it's a great time to go short on USDCAD and TP - 1.3900 approx.
It have high chances to test this level
The oil dependant canada is nowdays struggling to recover as the oil prices are are at low level and currently trading at 20 dollar per barrel
Which inturns its affects the CAD negatively
Currently in USDCAD Elliot wave if forming, Wave 01 is completed and wave 02 is forming
We can expect to close this wave at resistance level 1.42100 which is...