THETRADERSROOM

USDCAD | W1 | BEARISH — Who wants 600 pips?

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Analysis –
USDCAD | W1 | BEARISH

This is part two of our analysis,
The original can be found here –


Sell @ 1.33300
A CRAZY 600 PIPS IS ON THE LINE.

Our analysis has been produced from the Trend Based Fibonacci.
The methodology has been reciprocated with price action since April 2016.

The price has now reached our 100% retracement;
This is the supply / distribution zone at the 1.33300 key level.

This analysis also offers confluence in terms of a positive correlation coefficient to neighbouring USD pairs.

After this level has been tested we shall expect price to reverse forming an Elliot Wave downtrend.

This is an early signal so please do not enter yet!
Keep an eye on the price and when the time is right then enter.

Please note this is not financial advise.
Thank you.