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Fomenka
Aug 11, 2019 12:03 PM

Loonie up versus dollar Short

U.S. Dollar/Canadian DollarFXCM

Description

Somewhere recently I saw bearish bias towards USDCAD and I think I go with it.

On the left, I see a clear EW count of what could be the first wave down. Waiting for ABC correction to form before going short. On bigger timeframes, the picture is also bearish (look how it pierced through and was rejected by MAs). According to my earlier post, I see an upcoming rally in EURUSD
which kind of confirms bearish bias here if this is due to dollar weakening.

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