FULL ANALYSIS: USDCAD: Some More Upside Before The Fall?

FX:USDCAD   U.S. Dollar / Canadian Dollar
1277 7 28
"Third waves are a wonder to behold" - Prechter

You need look no further than at the Monthly Chart of USDCAD             to see this "wondrous" third wave in action. And it is a beauty! Well, for those that have been trading this pair LONG for the past months anyway. If you've been trying to SHORT it, not so much. If you have been trying to "catch the top", no doubt, you've been burned time and time again. I'll admit, I've been burned a couple of times! So the question now is, is it near it's end yet? My answer is "NO". It is not. Not even close! And if you are again trying to SHORT it as if it is near it's "top". you'll be burned again! That DOES NOT mean there aren't good SHORTING opportunities available but you must do so with the thought that any move down is nothing but corrective and temporary, IMO             . So let's look at the reasons why I am saying this:

First, in the 4HR chart above, you can see for the short term, I am still expecting another move up soon. Right now, I am expecting a small corrective move down in what should be a wave (iv) of (3). It shouldn't go too far. I'm thinking probably to the rising minor TL (blue line). From there, we should see the wave (v) of (3). So IMO             , there is not a good SHORT play here but there could be a good LONG play coming soon. When I see it, I'll be going LONG in a trend trade. But that LONG probably is not going to be a long term trade as the end of wave (3) could be drawing near. I have also added a POSSIBLE cypher on the chart. Should price move up into the 1.42 price area, then this cypher will become valid..

Click on each chart below to see more analysis:

MONTHLY CHART - Is Wave (3) End Near?

WEEKLY CHART - Wave (3) Nearing Important Fib Clusters


I'm waiting to see the end of this small retrace and will be looking for PA signs of a trend continuation in a wave (v) of (3). Keep in mind though, that according to my analysis, this wave (3) IS NOT the MAIN WAVE (3) of the main trend. See the DAILY chart for more clarity. When this smaller wave (3) is complete, I'll be looking to go SHORT for the ensuing wave (4) down of the MAIN WAVE (3) down. Although in the 4HR chart, I'm showing a brief wave (4) down, it could be much more significant than that.

Though I may not post here quite as often like before, I do continue to post much more to my own Faceb00k group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Faceb00k group at: http://www.faceb00k.com/efxselect (replace the "00" with a "oo")

Do you want to know exactly how and when I trade this pair? Want to be among the first to know? If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
2018 Gold Guide & BIG report on Platinum! $198 Value. Subscribe to Commodities Package to get them FREE here: http://bit.ly/2AZWhx4
2018 Guide TO Forex Markets Coming Soon! Want it? Sign up to mailing list: http://bit.ly/2iNieEY
Are you already active on this one?
And a monthly as well.
thanks for the chart. Happy I'm not alone in my thinking!
nice chart i agree
Thought I'd through in a recent development for oil in the States because of the severe flooding and possibility it will hit the refineries further south? We'll see what happens to oil inventory levels.Why is this important you say?Well oil is very important to Canada and its' budget and this natural event could impact storage numbers going forward for quite some time:
And a political event in Saudi Arabia with Obama's best friends - the head-choppers - they're at it again:http://www.zerohedge.com/news/2016-01-02/saudi-arabia-carries-out-largest-mass-execution-25-years-after-beheadings-soar-2015
This is quality work. Looks solid mate.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
English (UK)
English (IN)
Bahasa Indonesia
Bahasa Melayu
Tiếng Việt
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out