EverythingForex

ANALYSIS: USDCAD - Falling Soon? If So, When and How Far?

FX:USDCAD   U.S. Dollar/Canadian Dollar
1503 6 28
I have been looking to this pair to retest the highs set back in Sep. 28th. In a post I posted back on Oct             . 7th, I said and I quote:
"One thing that happens almost ALL the time is that whenever you get an "end" to any major trend (which I don't think we have gotten to the "end" yet), you will almost CERTAINLY see that high/low point get retested. Well, whether my wave count is correct or not, the recent highs need to be retested. And that what this wave (B) will be doing: retesting the highs."

Here's that post from Oct             . 7th. Even though this trade did not work out as planned, what I wrote in it still applied and has worked out as I said it would:
UPDATE #1: TRADE: USDCAD:  <span data-href="idea-custom-link" data-href-idea-custom-link="mailto:BUY@1.30145" rel="nofollow noopener noreferrer" target="_blank">BUY@1.30145</span> Wave (A) of 4 Done.

So now that prices have and are retesting those highs just as said it would, what do I expect now? Well, also in that post, I also said that, "When that wave (B) finishes, I'll be VERY INTERESTED in going SHORT for that wave (C) down which I think will be pretty DEEP! ".

That's just about where we are about now. Prices are well within the G-Zone reversal area and are at the .786 level (at the time of this posting). But I am expecting that it should still move up ever more slightly to the .886 level or above before looking to fall. If it does, then there is a POSSIBLE Cypher pattern that would setup it's C point at that level. IF prices do stop and stall here and do not go up to challenge the very top and create a double top, then we could be looking at a Head & Shoulders pattern setting up as well (seen on the DAILY chart ).

WAVE COUNT
The wave count that I posted a month ago seems to be the correct one so far. As it is, should this wave count hold, then we are looking at a SIGNIFICANT move down in a wave (c).

DAILY CHART
On this DAILY chart , there are 2 POTENTIAL patterns that are pointing the way down for the wave (c) provided that the C point holds. The H&S pattern is becoming apparent as well.
snapshot

MY TRADE PLAN
I will be looking for some kind of bearish confirmation PA to show me that this pair is not going to go any higher before I decide to take the SHORT trade. At the time, I don't see it yet and don't forget that just because my analysis shows a coming decline, it DOES NOT mean it MUST! It can indeed continue higher as the market will do whatever it wants to do and not what I want it to do.

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BLKS
a year ago
Agree sir, but I am already in this trade and it seem it is trying to break the support resistance but still fail. So I am assuming that it still need some time before going down.
TARGET TO ENTER SHORT FOR USDCAD
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EverythingForex PRO BLKS
a year ago
yes, still more up to go, IMO.
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astadipati
a year ago
Thank you Sir

actually i am wait for one last push "if possible"

fb+1 please accept
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Room722
a year ago
It is a bearish Shark pattern from 1.3386, am I right? And then possible bullish 5-0 pattern at 50% Fibo level?
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EverythingForex PRO Room722
a year ago
no, it is a POSSIBLE cypher. If it keeps rising, it could become a shark though.
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pyramids_Forex
a year ago
This is my idea

Zoom in to daily chart
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