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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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)
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riya14 thulasi
Great analysis..
thanks!
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thanks. I hope its helpful!
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ok. welcome to your opinion.
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riya14 EverythingForex
but, looking at daily candle,it looks like it might go up from here, what do you thnik
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Matches my short term target zone.
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riya14 IvanLabrie
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?
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Ivan, I think he is asking you......
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IvanLabrie PRO EverythingForex
Hi, I think it's invalid now. I'm aiming for 1.474, and covered short at 1.445 and flipped long.
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