EverythingForex

FULL REANALYSIS: USDCAD: Recent Action Showing Upside To Come

FX:USDCAD   U.S. Dollar/Canadian Dollar
1659 1 31
What's it like to be wrong? It's like this. For a few weeks now, I had been seeing this recent rise in prices as nothing but a wave (b) of a abc wave (4) correction. So I had been trading this move up as a possible top and a retest of the past highs because of what I had assumed was still a correction. Well, WRONG! Here's my last SHORT trade on this pair in which I ended up losing -100 pips.
TRADE UPDATE #1: USDCAD <span data-href="idea-custom-link" data-href-idea-custom-link="mailto:SELL@1.33900" rel="nofollow noopener noreferrer" target="_blank">SELL@1.33900</span>

I show you that chart so you can see the difference in what is now my new bullish wave count. So lets get to it.

The MAIN chart above is the 1HR chart. My wave count for the nearer term moves still shows that there should be another small push up coming in what should be a wave (3) of (5) of iii             . That wave iii             is also the iii             of v of the larger degree wave (3). So my wave count has this pair in a wave (3) overall. And it's not done. Keep in mind that this wave (3) is only a part of another larger degree wave 5. You can see this in the following higher TF charts. Make sure to click on each chart below for more details on each.

4HR Chart - Possible FOMC Up Move Setting Up?
USDCAD: 4HR Chart Showing FOMC move?

DAILY Chart - A POSSIBLE Cypher?
USDCAD: DAILY CHART

WEEKLY Chart
USDCAD: WEEKLY CHART
MONTHLY Chart - POTENTIAL Bat shows MUCH HIGHER Prices To Come
USDCAD: MONTHY CHART

MY TRADING PLAN
Is it worth it to try to catch the tail end of what I'm seeing as a continuing wave iii? Well, that will need to wait to see how far will the wave (4) (in the 1HR CHART in the MAIN CHART above) get to. If there is a good enough retrace, then it may be worth it to try to catch the wave (5) up of the wave iii             . But even that should be short lived as when the wave iii             is done, then the next move is a wave iv down which set the stage for the FOMC rate decision. That rate decision COULD then shoot this pair MUCH HIGHER in what I would be seeing as a wave v of (3). So it may be good to just skip trying to catch any small move up and rather wait for the wave iv to develop and set the stage for the FOMC. If prices do follow my projections here, then it will be pointing to a positive FOMC, a rate hike and a USD boost which should affect this pair to shoot it up.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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