lafayettej

USDCAD: trying to make sense of the madness

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
since the beginning of April Ucad has been stuck in a 104 pip range and has created confusion with my analysis. however, I believe we are looking at a stretched out flat correction starting 7th march to now so we can get our final leg up before we get the expected drop. the pattern that was developing during the month of April I identified to be a WXYXZ and will expect a move down to around 1.3280 (monthly support) or even 1.3250 (next major support level). what would be ideal is seeing a move to the downside to confirm my analysis and i would be able to look for opportunities on the 1-5 min time frame.
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