Trade Opportunities on Loonie. Short then Long

On the higher time frame the CAD is short and the Dollar is either long or at least moving in a sideways channel. Therefore I'm looking for a long trade opportunity on this pair. On 1H we currently have a potential ending diagonal which could give us a 50% retracement of the previous impulse. After that I'll be looking for a new push up. Of course the pullback doesn't have to happen but given the probability of the pullback this is no place to go long. Either trade the short or wait for it to end an look long.

I'll up date this idea as it develops

This is not investment advice

Steve Nixon
Trainer & Mentor

Comment:

This one hasn't broken down yet but we can see divergence with the MACD. I don't think it's ready yet but keep an eye on it. Remember you should not be in a short trade until it breaks down so no need to be panic about when or if it's going to turn