FX:USDCAD   U.S. Dollar / Canadian Dollar
57 0 2
Well i earlier saw a triple top or head and shoulder pattern around 1.2800 area, where price was overbought in month of March when Jannet Yellen signaled no rate cut from FED reserve, and formed point 2 near that shooting star candle after which price started falling down to a point 3 where it became oversold around 1.1920. So that was like 880pips down by Month of April, in which Bank of Canada kept interest rate unchanged at 0.75% on 15th April. So, month of May we saw a slight correction back from that oversold level 1.1920 Point 3 back to point 4, because it formed a double bottom around 1.2000 with a neckline around 1.2100, so we saw a technical breakout from that price back towards our point 4 which was around 1.2570. A second shorting opportunity present it self with respect to the elliot wave . Currently price is again moving back towards 1.2100 in my view. As earlier with today U.S core Retail sales data we saw a spike around 1.2350 (around the senkou span B border/red border of the kumo cloud). As we are still trading inside the kumo cloud, so we can say we are currently trading inside a ranging area....If price goes below the point 5 candle (price around 1.2200) than we can expect a move further down to 1.2100 max for now. If we have a break above the kumo cloud which is around 1.2400, than we expect price to challenge the point 4 price at 1.2570. So, currently price in my view is trading sideways, and will be heading to 1.2200. If supply gets stronger below that area, than we can expect 1.2100 as the next target :). Good Luck :)
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