As demonstrated on the charts, USDCAD has formed a top (Wave 4) at 1.32230. I am now expecting the next sell off towards 1.24000 as part of Wave 5. This sell off is expected to take place in 3 sub-waves. DXY has also topped and looking to sell off, which positively correlates with this analysis.
However, we did see a strong upside movement on USDCAD on Friday so we need to wait for confirmation before opening a sell position. What is that confirmation? Wait for price to break BELOW 1.30, then retest it as a resistance before going short in the market.
Drop a like and follow if you agree with this analysis, or do let me know in the comments what your bias is!
However, we did see a strong upside movement on USDCAD on Friday so we need to wait for confirmation before opening a sell position. What is that confirmation? Wait for price to break BELOW 1.30, then retest it as a resistance before going short in the market.
Drop a like and follow if you agree with this analysis, or do let me know in the comments what your bias is!