tonz_of_gunz
Short

USDCAD BEARISH PENNANT ON DAILY

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             developed a bearish pennant on daily which is a continuation pattern and after last days failure to make a new high we could see the start of a big move down.
Comment: Boom! USDCAD breaks out of the pennant after it failed to make a new high as i expected, we should see some buyers stepping in at 1.28, if not 1.27 is the next level to look out.
Comment: USDCAD testing pennant breakout and should now continue down.
Sell will be better now?
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tonz_of_gunz RaymondCcv
Well not from here, you could sell right on the bottom, maybe wait for some kind of retracement.
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RaymondCcv tonz_of_gunz
Alright.(Y)
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it didn't touch 0.382 retracement line so think of the possibility that it could go back to that level.
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Of course, there is always that possibility but it looks like the move up is finished, we will see:).
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this pennant could also be viewed as a corrective structure for the bullish impulsive leading into it, right? so you would consider a bullish break also?
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No,only thinking about bearish drop. That "impulsive" wave its a clear abc and its inside pennant so no doesnt look like a correction for an impulsive wave up, at least not for me.
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Thank you for your help.
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