USDCAD - SELL IDEA

On the USDCAD 15-minute chart, there’s a discernible Elliott Wave pattern. It looks like we’ve witnessed the completion of an impulse phase up to wave (3), followed by a corrective phase that has formed wave (4), which is now complete or near completion.

We can see potential for the start of wave (5), which is typically the last wave in the direction of the main trend. The Fibonacci levels provide potential targets where the price might make a turn or extend to, with levels like 0.382 at 1.36714, 0.5 at 1.36638, and 0.618 at 1.36563.

Currency pairs like USDCAD are influenced by economic factors and policy decisions from both the U.S. and Canada, including interest rate changes, employment data, and trade balance reports. When considering trades based on this Elliott Wave setup, one should also keep an eye on such fundamental indicators.

I’m watching these Fibonacci levels and other technical indicators for confirmation of the beginning of wave (5). Risk management remains a crucial aspect of trading, especially in the highly liquid forex market. Let’s keep a close watch on how this wave unfolds and be ready to take action accordingly.

Trade closed: target reached