DocWonmug

USDCAD 240 short – new LH and ABCD

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
A probable LH may be forming. The end of the continuation of the ABCD pattern is pretty consistent with two previous lows. If we see a break in the RSI trend, I will be looking to enter a trade. Looking at all the recent candles this pair is pretty jumpy so I might opt for a smaller risk than 2%.
Comment: We are not there yet, but it is starting to shape up. I added a possible bearish failure swing on the RSI. Downward movement would also be consistent with approaching the bottom of the current channel best seen on the 1D chart.

Comment: I may have gotten carried away - technically a bearish swing does not yet apply since the RSI did not go above 70.

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