The Big Question on USDCAD: Is the Long Term Correction Over ?
The big question about the CAD that everyone is asking at the moment is: is the long term correction entirely over? Or does it stil need to complete itself. On the weekly timeframe, in fact, one can clearly see that, consequently to the huge impulsive and trending movement that the USDCAD pair has had to the upside between 2013 and 2016, the pair has gone through a medium term consolidation with a primary ABC pattern, in the shape of what would seem a regular flat.
Now the question is: is this correction entirely over at "C" point, and has the pair already resumed it's uptrend ?
Or are we in a more complex "C" wave, and the pair needs to complete it's medium term correction yet, at a lower "C" point ?
Only time (and price action!) will tell.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Now the question is: is this correction entirely over at "C" point, and has the pair already resumed it's uptrend ?
Or are we in a more complex "C" wave, and the pair needs to complete it's medium term correction yet, at a lower "C" point ?
Only time (and price action!) will tell.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.