darcsherry

USDCAD | PERSPECTIVE FOR THE NEW WEEK

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Since the price moved 250pips in our direction since my last publication on this pair; the USD/CAD gained downside momentum and is trying to settle below my Key zone at CAD1.3200.

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Harmonic (AB = CD expectations)
Observation: i. Breakdown of CAD1.32500 zone on the 7th of Oct. was followed by significant rejection of level on Thursday & Friday signalling a possible downtrend continuation.
ii. In this regard, an ABCD pattern is sighted with parameters explained below;
a. Impulse A-to-B will be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move.
Trading plan: SELL confirmation with a minimum potential profit of 150pips.
Risk/Reward: 1:4
Potential Duration: 3 to 7 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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