My overall view for USDCAD remains unchanged, even though we've continued to rise. If you're still looking for an entry short on USDCAD as I am, let's first take a look at the latest wave up. We have a very well defined that is visible on the 4 hour and 1 hour charts. I've shown the 1 hour chart here.
This represents the current 'strength' of this move. Notice that one of the spikes that hit this was the FOMC news release this week, interesting. I will look for a selling opportunity when the strength of this move begins to falter, that is when a confirmed break occurs. Look for a retest as the dotted lines suggest.
Due to the other time frames surrounding this trade, it's possible that this entry has the potential to build into a daily trade of greater significance.
For now, we play the Forex waiting game and let the market determine when we can enter this trade.
Please do your own analysis before entering a trade. If you like what you see feel free to comment, like or follow.