FullTimeTrader
Short

USDCAD-selloff starting

FX_IDC:USDCAD   US DOLLAR / CANADIAN DOLLAR
1435 15 23
According to my previous idea this pair is forming a potential head and shoulders pattern on D1 chart:

USDCAD-head and shoulders pattern


Here on H4 chart we can see my closer view accordint to my EW count, i think the las rally is a correction labeled abc blue

The correction is finishing right at the D1 resistance.

The confirmation would be the broken trendline. I will enter short now expecting a long term decline. We see also a bearish divergence on MACD showing the last impulse is finished.

Best regards.
peterchung16
a year ago
Thanks FT. I love your analysis. The Dollar index currently encounters multiyear resistance. This set up may work.
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FullTimeTrader peterchung16
a year ago
Hello, yes, overall the USD is extremely overbought and the USD index is facing the 100 resistance. This give us more reasons to enter short. Regards.
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SyedMunib
a year ago
hi, sir is this one day target?
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FullTimeTrader SyedMunib
a year ago
Hello, the targets are shown on chart, but every trader could manage the trade using his own strategy. Regards.
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SyedMunib
a year ago
actually i want to ask sir short term time?
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SyedMunib
a year ago
i'm big fan of your anaylsis sir.....!
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BLKS
a year ago
TARGET TO ENTER SHORT FOR USDCAD

Agree... i did enter it long ago..
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Hello FTT, I have a little bit of a different view on the situation, I share it with you, perhaps we can sort out the noise...
snapshot
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Koryphaeen PRO Koryphaeen
a year ago
I think we will be soon in the final wave of an ending diagonal, don't you think?
snapshot
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Koryphaeen PRO Koryphaeen
a year ago
sorry for labelling mistake, I just noticed, see i,ii ... instead of a,b ...
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Koryphaeen PRO Koryphaeen
a year ago
So, this is my view, and I will take these trades accordingly. Let's see what will happen. GL!
snapshot
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FullTimeTrader Koryphaeen
a year ago
Hello, COULD BE but its too early to lean on an ending diagonal now and make a trading decision (usually we trade an ending diagonal at last stages). Im sticking to my long term analysis suggesting this pair already reached a top, so the correction is finished now and i can make a trade entry based on that. Lets see. Regards.
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webmiztriz PRO FullTimeTrader
a year ago
this bodes well for crude, correct? they are inverse?
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Koryphaeen PRO FullTimeTrader
a year ago
Good luck to that!
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KVE PRO
a year ago
Exactly! Big USD short now... I'm short USDCAD, USDCHF and USDJPY, looking good so far...
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