USDCAD - 4hr Timeframe - Short Opportunity
As forecasted on our daily analysis (www.tradingview.com/...on-Short-Opport-ies/), the USDCAD pair has, at the end, started a small down move. In the 4hr timeframe, we are noticing that the pair is forming a structure that indicates that the weekly correction to the upside might not be over as yet. To be more precise, as it stands now the pair seems to be forming a big 4hr correction in the form of a running flat. If it turns out to be a running flat, it is possible that, on the daily timeframe, the pair will go for one more (final) up move on the towards the 1.36 area or higher. If that scenario (running flat) is the one that turns to be playing out, we will be watching the pair in the 1.275 - 1.29 area, expecting the start of the aforementioned potential up move on the daily for potential long positions.
What matters to us today, however, is that on the 4hr timeframe the pair has not completed the correction it is doing to the downside. Even in the scenario above, in which the pair will be forming a running flat pattern on the daily, the pair still has to finish the corrective structure that is playing out, and we expect it to reach the 1.275 - 1.29 area. Notice that the pair is forming a minor trend to the upside (small pink line), the break of which will indicate the continuation of the 4hr downward movement towards the 1.275 - 1.29 area. Watch out for breaks of said trend, with stop losses above it. Similar opportunities are present today on all CAD pairs (EURCAD + GBPCAD).
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.
What matters to us today, however, is that on the 4hr timeframe the pair has not completed the correction it is doing to the downside. Even in the scenario above, in which the pair will be forming a running flat pattern on the daily, the pair still has to finish the corrective structure that is playing out, and we expect it to reach the 1.275 - 1.29 area. Notice that the pair is forming a minor trend to the upside (small pink line), the break of which will indicate the continuation of the 4hr downward movement towards the 1.275 - 1.29 area. Watch out for breaks of said trend, with stop losses above it. Similar opportunities are present today on all CAD pairs (EURCAD + GBPCAD).
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.