sinakhan98

USDCAD - Whats going on here?

FX:USDCAD   U.S. Dollar / Canadian Dollar
168 1 4
Hi again :-)

I think this one is tough one. We had a very nice short trade from 1.37 with a target of 1.1980 as wave C of this ABC correction from the top 1.46.
Well the reason we had 1.1980 was simply the fib extension of 123% and price didnt really hit that target and stopped between 113 and 123% fib.

For buying this I want to see a bullish reversal signal around or inside that rectangle on daily timeframe , in order to see this move down as a wave 2 of fifth wave up.
In my opinion, this one needs more confirmation and maybe its a good idea to go down to lower timeframes to see what the pair is doing on hourly charts before trading it.

Pair could easily start a Zigzag or other sideways movement here and then its not so interesting for trading it at the moment :-)

USE SL and good luck !
Well the ABC correction was for the wave 3 which was subdivided into 5 waves itself with a wave 5 that was 1.618% of length of the wave 1:


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