USDCAD: Short opportunity

FX:USDCAD   U.S. Dollar / Canadian Dollar
285 4 19
The pair couldn't break above the corrective structure and is now heading down after being rejected at the top, the structure looks to be ending soon so a short from here can open up doors for a break below and resumption of the down trend for long term.

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Thanks for the chart idea. I am curious about your upper pattern line and why you put it there. You may well be correct but if it bounces up for another high do you re-adjust it? How far down must it go before you consider it a pivot? Thanks for the info in advance. I am looking for another upward thrust to hit the HTF .382 retracement before the bigger move down.
piphunters nahidik
well it's sort of a flag and my idea for short is mostly based on the action in 1 hr time frame even though it's shown in 4hr for clarity and if any reversals are to come they would have be really big and we can get a BE before that can happen.
nahidik piphunters
thanks for the explanation. May your pip safaris bring you trophies.
+1 Reply
piphunters nahidik
you are welcome
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