$USDCAD | Bearish WW/Geo | Targets Defined

FX:USDCAD   U.S. Dollar / Canadian Dollar
Hello Traders,

USDCAD             is looking at a potential top with the current upside move. Following the Daily chart we are looking at a potential Head and Shoulders Pattern that would also help us define point 4. That rationale in and of itself is speculation since point 4 is near impossible to predict in a WW.

Looking at the higher time frame we get this view of the potential downside move.

Consider the following:

Darkest Red = Very High Probability Target, Low Probability Reversal
Medium Red = High Probability Target, Medium Probability Reversal
Lightest Red = Low Probability Target, High Probability Reversal

Stay tuned for further developments.


Although the Geo was invalidated, the Highest Probability target was hit. I expect the Medium Probability target be hit and for that area to act as a catalyst for the higher time frame WW in progress.

Comment: USDCAD hit the second target as expected in H4 time frame.

Price was stopped short precisely at the structural level Defined in the Daily Chart.

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