USDCAD waiting for break out and consolidation.

FX:USDCAD   U.S. Dollar / Canadian Dollar
1455 18 87
I am in this trade so i'll be watching for the BIG move to come .

Like and comment .
Training : add to skype mangal457
Still in short. Any advice Anil?
still looks like more down after this consolidation
+4 Reply
IvanLabrie anilmangal
I don't think it'll last long though.
Maybe by tomorrow's NY session it shoots up again.
+2 Reply
TaryanaTatang IvanLabrie
milehk IvanLabrie
is it shoots up agains after poor us retails sale data?
Anil can tell you that news don't matter...they might create volatility, but the direction comes from the chart more often than not.
+2 Reply
SitoRoman IvanLabrie
With due respect to others' views.. Yes! News are for me definitly not a unbeatable rule, that type of strategy based on News is supceptible to be fail, much more in times where Geopolitical interest are sensible, for example last month on Greece everyday tragedia... that shows why little situations were supceptible to be manipulated or faked to generate volatility.. so at the end the price go in the wrong direcction even though clearly News... an analogy: in calm water when you throw an object there make noise first on the surface... but at the follow second you already can recognize waves patterns...Universal and natural laws, motion and proportion does not need our single human point of view at all ... at the end they return always to their natural path.. thats is for me the way to understand the im/perfecction apply on the markets... Volatilty Index, Psy and Swarm intelligence...
+1 Reply
Anil , no consolidation now and the pair is up now. What do you think ?
Nice setup, I have a bearish butterfly on the daily confirming the move down.
I am in a trade for a corrective move up for the moment, waiting for confirmation to enter a short trade according to your setup and harmonic pattern.

I see you drew the horizontal blue line around the 38% fib of the last big move down (which broke the trendline). Would you say price will likely not retrace very high with such a bearish picture and posible retracement will most probably not go much higher than that level?

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