Doublebullchuck
Long

USDCAD Leading Diagonal correction (short term long)

FX:USDCAD   U.S. Dollar/Canadian Dollar
80 0 0
a month ago
Well I got it wrong in the last chart but without any pain. More upside likely in wave 5. The structure of the diagonal is LEADING not ENDING as I previously labeled on last chart. It formed wave A or wave 1. If wave A, then first target is 100% length of wave A, then the 50% retrace of entire bearish move from the top. Strength coming from possible Fed hike and CAD dovish sentiment. Value is bloated on this sentiment compared to price of oil             so major decline coming either after election or after rate hike by Fed which is only going to give false upside move as it is priced in now for 6 months.
However if it is wave 1 then upside potential is huge! I'm staying long above 1.3350. I moved my first profit target to 1.3498 expecting whipsaw action next two weeks with upward bias.
24 days ago
Trade closed: target reached
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