Summary: a. Loonie is running in wave (iv) b. Irregular correction in wave (iv) should be watched carefully c. There's a few price action confirmation to make us long right now d. Expected bullish wave (v) will reach 1.3340 (minimum) e. Bullish invalidation level at 1.2994
What's up traders?
Here I provide a USDCAD technical analysis based on my knowledge about Elliott Wave principle.
I have to admit that Loonie is running in a strong bearish movement at the moment, but there's a good chance we can grab the pips in its short-term bullish movement. As we can see, there's an obvious sign that the price is moving in wave (iv) with irregular correction form. I'll be waiting a price action confirmation to enter the market but I will not wait for breakout because it's gonna make my reward smaller.
Disclaimer: All of the information that provided is based on sources that we believe to be reliable, but they have no guarantees. Therefore, every effort is made to ensure that the content is accurate and complete. I have a very strict money management calculation and usually I trade with (max.) 5% risk per pair to ensure sustainability and equity endurance to make money in the futures market for a long-term period. Any profits or losses that occurred based on this analysis is your own responsibilities as a trader or an investor.
Trade active
⋅
Comment
⋅
partially closed the position, moving SL + 35 pips.
Trade closed: target reached
⋅
Target reached, there's a price action indication that the price still hikes until it meets 1.3380 area.