USDCAD FULL Monthly Analysis: Correction Before Advance
This is a FREE Monthly Analysis posting. I release FULL Monthly Analysis updates on most pairs I trade after the NFP of every month. These are available on my website. Most are available for FREE. You just need to go there to get them (registration required). I am reposting a condensed version here.
USDCAD: Bracing For Another Drop. But When? And How Far?
After several years long strong uptrend, the past month's have been retracing that uptrend. From what I surmise, this retracement is far from over. Will we eventually see higher prices ahead for CAD? I believe yes. But that won't happen for awhile yet.
MONTHLY CHART
In this Monthly chart, you can see that the way I see it, that strong uptrend that ended was only the wave (3). Therefore, this current correction that is correcting that wave (3) is the wave (4). After which, of course there should be the wave (5) that will take prices to new highs eventually. That is if my count is correct.
There was also that completed C&H pattern that I had been talking about for months on end last year. The profit targets for that C&H pattern are still much higher up. Near where the completion of the POTENTIAL Bat would also be.
WEEKLY CHART
From this view of USDCAD, you can see from the wave (3) high prices had been declining in what I see as the wave (A) of (4). That wave (A) decline most likely ended 2 weeks ago and now the wave (B) is in progress. How far that wave (B) will go is anyone's guess though. But after that wave (B) is done, we will see prices head even lower in the wave (C).
I've marked a POSSIBLE Butterfly pattern on the chart but until we see the end of the wave (B), that will remain only a possibility.
Get the FULL VERSION here on my website along with FULL Monthly Analysis releases on the following pairs:
USDJPY,
AUDUSD
GBPUSD
NZDUSD
USDCHF
GBPJPY
and still more are being released this week.
USDCAD: Bracing For Another Drop. But When? And How Far?
After several years long strong uptrend, the past month's have been retracing that uptrend. From what I surmise, this retracement is far from over. Will we eventually see higher prices ahead for CAD? I believe yes. But that won't happen for awhile yet.
MONTHLY CHART
In this Monthly chart, you can see that the way I see it, that strong uptrend that ended was only the wave (3). Therefore, this current correction that is correcting that wave (3) is the wave (4). After which, of course there should be the wave (5) that will take prices to new highs eventually. That is if my count is correct.
There was also that completed C&H pattern that I had been talking about for months on end last year. The profit targets for that C&H pattern are still much higher up. Near where the completion of the POTENTIAL Bat would also be.
WEEKLY CHART
From this view of USDCAD, you can see from the wave (3) high prices had been declining in what I see as the wave (A) of (4). That wave (A) decline most likely ended 2 weeks ago and now the wave (B) is in progress. How far that wave (B) will go is anyone's guess though. But after that wave (B) is done, we will see prices head even lower in the wave (C).
I've marked a POSSIBLE Butterfly pattern on the chart but until we see the end of the wave (B), that will remain only a possibility.
Get the FULL VERSION here on my website along with FULL Monthly Analysis releases on the following pairs:
USDJPY,
AUDUSD
GBPUSD
NZDUSD
USDCHF
GBPJPY
and still more are being released this week.
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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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