For my bigger picture analysis and context see link below:
This post is only a short term update because AUDCAD might be lagging to the USDCAD. The pattern on the 4 hour time frame suggests a possible bullish reversal. This pair is interesting to me due to the additional context it provides to my USDCAD and AUDUSD analyses.
In terms of trading we have to keep in mind that these wedge or diagonal patterns often come hand in hand with a last spike in the direction of the previous move, which is bearish in this case. This often stops out most early entries so we therefore need to wait for direction by means of an impulse/correction to have a high probability trade.
Updates will follow.
This post is only a short term update because AUDCAD might be lagging to the USDCAD. The pattern on the 4 hour time frame suggests a possible bullish reversal. This pair is interesting to me due to the additional context it provides to my USDCAD and AUDUSD analyses.
In terms of trading we have to keep in mind that these wedge or diagonal patterns often come hand in hand with a last spike in the direction of the previous move, which is bearish in this case. This often stops out most early entries so we therefore need to wait for direction by means of an impulse/correction to have a high probability trade.
Updates will follow.
