USDCAD: Long waiting to happen

FX:USDCAD   U.S. Dollar / Canadian Dollar
As we can see in this chart, there is an impulse forming, which currently is in its wave 4, a lateral correction.
This would maintain the rule of alternation based on the trayectory of wave 2, which is rather steep.

Once we reach the end of the sideways corrective pattern, we can expect a wave 5 the size of the wave 1, which matches the trendline confluence zone, at the median line of a pitchfork that outlines previous price action in the weekly chart.

I'd reccomend waiting for confirmation to go long, to avoid the sideways nature of this complex correction, which can get on your nerves rather quick, as the market makers shake everyone and their mother out.
Trade closed: target reached
Extended fifth it was in the end.
We got a dark cloud cover on the DXY I don't know about dollar longs atm
I'm not into candlestick pattern analysis but yes, us dollar index is down, it's time for shorts in general. This chart depicts a corrective fla t that is incomplete, so to go long, you'd have to wait for that wave 4 completion.
IvanLabrie IvanLabrie
Big thanks to Tim West for his amazing methodology...
IvanLabrie IvanLabrie
Chart came out wrong:
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