EverythingForex

BRIEF ANALYSIS: USDCAD: Still Going Up?

FX:USDCAD   U.S. Dollar/Canadian Dollar
1070 0 31
So the NFP came and went. Shot this pair up a little bit but it wasn't a surprise. The chart had already called it way before the NFP ever hit. Just didn't see it clearly. But now that it has revealed itself, what is it saying now? Let's see what we can see....

WAVE COUNT
In the MAIN chart above in the 1Hr TF, what I am showing here is that it is going higher still. Why? Well, if my wave count is correct, then this wave (b) is an ABC 5-3-5 zigzag pattern and the wave (C) of (b) is a 5-wave move. And judging from the count, it isn't yet complete. So it has still got it's wave 4 yet to finish and wave 5 yet to come. It is working on it's wave 4 as I write this.

PATTERNS
What you see on my chart is that there is a definite POTENTIAL Crab pattern in play here that points to prices going MUCH higher still. It is indicating that prices should break through the highs and establish new highs. Could this be? Well, we will need to wait and watch to see how it reacts if/when it reaches that point where it will either break through or fail. If it fails, WATCH OUT BELOW! If it breaks through, it could be the start of the larger wave (5) higher.
I also am showing a POSSIBLE cypher pattern that is NOT in play yet. This is a future projection since I am seeing that prices should go higher. And if they do, then this cypher's C point would be reached and then we'll need to see what happens.

WEEKLY CHART - Cypher Has Formed
USDCAD: Weekly Chart - Showing large move down

4Hr Chart - CAUTION! Tricky Times Ahead!
USDCAD: 4Hr Chart showing that CAUTION is advised!

MY TRADE PLAN
Because prices are nearing an inflection point and has to make a decision on whether to turn or not, I am on the sides waiting for that to happen. However, when this wave 4 does end, I'll be looking for a LONG entry to catch the wave 5 up and also position myself for the possibility that it may continue higher. For now, waiting....

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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