Wave-Trader
Short

USDCAD Big Drop Ahead

FX:USDCAD   U.S. Dollar / Canadian Dollar
Hi there, USDCAD             is setting up for another big big drop. Get ready for big drop. Watch for price action at the top and look for sell. Selling without valid price action carry risk make sure you understand the price action before you sell or wait for my update. I will try my best to update on valid price action.

Good Luck.
Comment: sell the breakout
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Comment:
Comment: Please support the setup with your likes, comments and by following on TV thanks.
We might see weaker CAD and a stronger USD next week.


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@Wave-Trader bhai, as per you idea i jumped in this trade from 1.33292 (my own entry). what TP you would suggest or keep on move with break even ?
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fall nicely sirji , gud setup
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what is happening with USDCAD
+1 Reply
I wouldnt bet on that. Economic tensions with US, Oil going down, US rate hikes, EUR dropping... USD/CAD isnt due yet
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is this still valid?
+1 Reply
Why is your top trend line so far off? Is there a reason you've done this?

Looks like a perfect continuation of last weeks breakout to me... Sellers beware!
+2 Reply
ArchieBRO ArchieBRO
Already broken out, may fall early this week and bounce off the descending support line inside the channel USDCAD resided in for 9 months.

1.3020 - Incredible buy opportunity if USDCAD does decide to pull back this week.
1.3350 - Next strong resistance
+2 Reply
DennisPTran07 ArchieBRO
@ArchieBRO, because the market doesn’t follow your trend line. We put it there to get an idea of the pattern. Let’s say the impulse that isn’t touching the trend line is wave 1 for example purposes. Wave two is the ups and downs of consolidation following that. In the Elliot wave principle book, it says that wave 2 cannot go beyond wave 1. So him drawing that trend line far off is still valid.
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Thats what I believed until I noticed your descending trendline on the Daily Chart. Three points confirms a trend. While it may only have two points if you look at it closely, making certain it touches the top of second peak (low high), then you'll notice the daily candle has actually closed above that trendline. I dont know how valid that one was with only two points confirmed to the ascending trend we are in with three points. But something to watch out for.
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