UPDATE #1: USDCAD: Overall Bullish BUT NOT NOW

I posted about this crab in my last post on this pair. Since then, nothing of any major significance has happened to change my outlook and analysis despite the recent news releases. So I have been just letting this trade work itself out.

I do want to update and add a few items of note.

1. A completed bearish cypher
2. retest of the H&S pattern I posted about before
3. update my wave count

The bearish cypher led up to the retest of the H&S pattern and prices are now hovering in the PRZ. This may be a good chance to add SHORT positions for the ride down the CD leg of the crab since prices had already surpassed the B point trigger line. Once prices go past the B point of any harmonic pattern, the odds of that pattern completing are greater. This is especially true with bat patterns. Each pattern has it's own expectancy rate. Crabs have lower completion expectancy rates than bats but once surpassed, completion odds increase regardless.

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