FX:USDCAD   U.S. Dollar/Canadian Dollar
291 1 15
Guy's have a look at my previous post before reading this one so we all understand the context of this set-up:
USDCAD

It seems like the bearish trend continuation is in its early stages. I'm short USDCAD             since US election night and I am looking to add to my shorts. This move lower won't go in a straight line but the fact that we might have seen a major reversal helps us trading sentiment by means of structure.
I will therefore be looking for consolidations, especially those out of strong levels. We can sell all the continuations of lesser degree with the same risk/reward because our stop loss will be closer.

I will also update AUDCAD             and EURCAD             which are a bit further in the process but that's perfectly fine. Due to the correlation with USOil             I think we might see a significant retrace/consolidation in all CAD pairs before wave 3 will take over, because this move lower will most likely move in 5 waves and we are only in wave 1 at the moment.

Updates will follow!
Comment: USDCAD is unfolding in a sideways pattern which could mean wave 5 is not in place yet. However it could also be a 1-2, 1-2 reversal pattern with wave 3 to be next.
We should therefore be focusing on clues on lower time frames and see whether a potential move lower will be part of a bigger correction or the start of a new bearish impulse.
snapshot

snapshot
I think it seems to be an ending diagonal forming and expecting a 5th leg up which would give us a good chance to short with good R/R. Any thoughts Tim?
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