Tradeciety

USDCAD - Patience needed. Potential setup in the making

FX:USDCAD   U.S. Dollar/Canadian Dollar
130 0 5
The USDCAD             is back on the watchlist after this week's drop. It shows some over-extendedness with a Bollinger Band spike. Keep in mind that the first trend wave is usually not the one that leads to a reversal trade. Wave 2 and 3 are much more likely to give a divergence.

The USDCAD             is a waiting game now. A push below 1.366 would trigger a few orders which then leads to the second wave. It's one of the potential scenarios we are watching.
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