EverythingForex

USDCAD: Be Careful What You Wish For!

FX:USDCAD   U.S. Dollar/Canadian Dollar
1236 10 19
I just want to post this very quickly to give a heads up on what I see in this pair.

For a long time now, I know many of you (including me) have been just waiting and waiting and waiting for this pair to stop rising and start dropping. For some of you, you might be jumping on this recent little drop thinking it is just the beginning of something bigger. You might be right but take heed. Most reversals of a MAJOR trend happens without a fight! So don't expect this to just drop!

Here there is a POTENTIAL Bat pattern that looks to soon complete. But notice that it completes pretty much right up against the up trending TL of this major trend. So when prices fill that bat and hit that TL, I'm expecting that it will shoot back up and at least retest the highs.

I actually believe that we have NOT seen the highs yet and that there is STILL more upside to come! What we may see for the rest of this month is just some kind of consolidation pattern around these highs such as a contracting triangle or something and then next month will see even higher prices.

This is just my 2 cents of thought so take it as you will.

WHAT TO LOOK FOR
Look to see this POTENTIAL Bat get filled and then prices to bounce off that TL and head back up. I don't see prices decisively breaking through that TL.

MY TRADE PLAN
I might be a BUYER when that bat fills.
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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Reply
IvanLabrie PRO
a year ago
Matches my short term target zone.
Reply
riya14 IvanLabrie
a year ago
hey ivan,
i really like your excellent & detail analysis. so.. from your above chart the bat patterns end almost somewhere 1.4374 zone, am i correct?
Reply
EverythingForex PRO riya14
a year ago
Ivan, I think he is asking you......
Reply
IvanLabrie PRO EverythingForex
a year ago
Hi, I think it's invalid now. I'm aiming for 1.474, and covered short at 1.445 and flipped long.
Reply
thulasi
a year ago
looks to me a 5 wave to the downside unfolding as c wave (wave 1 is complete 1.46---1.448,,,wave 2 1.458 ,,now w3 s wave 1 complete with 160 pip now w3 of wave 3 should take the price down below 1.432 possibly to 1.42 .) I think eventually price will drop towards 1.39 ===when oil rise to 36--37 dollar ,,then 5th wave of the 5th wave in 3rd wave will take the price to 1.5 area)
Reply
riya14 thulasi
a year ago
Great analysis..
thanks!
Reply
EverythingForex PRO riya14
a year ago
thanks. I hope its helpful!
Reply
EverythingForex PRO thulasi
a year ago
ok. welcome to your opinion.
Reply
riya14 EverythingForex
a year ago
but, looking at daily candle,it looks like it might go up from here, what do you thnik
Reply
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