TimStuyts
Short

USDCAD many selling opportunities about to present itself

FX:USDCAD   U.S. Dollar/Canadian Dollar
363 0 9
For bigger picture and context of what I am looking at have a look at long term charts first.

snapshot


snapshot


To start with, I plan my trades like I showed on the charts and this is not a direct trade signal, I will do that on my website when it is due next month.
That's said I expect a correction for the USDCAD             about to happen before we complete this weekly pattern for a wave C on weekly time frame.

On the 4 hour chart I described what I am looking for in terms of selling opportunities. I personally only enter a second position in the same pair once my first position is at Break-even but that's part of my risk management.
Nevertheless look for breaks of the non-horizontal trend lines and ideally after a consolidation once we saw the break.
This can be done on lower time frames as well for a more aggressive entry with a smaller stop loss.

Keep in mind that tomorrow we have FOMC on the agenda which might cause more volatility. Nevertheless the Technical outlook tell me that we should expect a retrace soon.

Once this wave 4 in Blue is over I expect another leg higher,this will be in line with another leg lower for oil             and other commodities like Silver             that are also bottoming according to my analyses.

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