By using Elliott wave's theory i believe we are currently in a uptrend in the major timeframe. However for the minor timeframe we are going to be seeing a pretty long retracement down to complete Leg C of what seems to be a flat corrective structure for USDCAD. Also If u note from my mapping we can see that USDCAD has completed a triangle / 5 wave move up followed by what seems like Leg a and Leg b of a flat structure. Therefore i believe now USDCAD may drop all the way till the start of Leg A or ever possibily going further below to complete an expanded flat before any more to the upside
I have crosschecked with the DXY Chart for confirmation as well. We may see USD as a whole weaker for a few weeks before continuing the strong uptrend.
Please ensure to enter at a low risk Zone to avoid having a high SL in case market goes against plan.
I have crosschecked with the DXY Chart for confirmation as well. We may see USD as a whole weaker for a few weeks before continuing the strong uptrend.
Please ensure to enter at a low risk Zone to avoid having a high SL in case market goes against plan.