You can see here USDCAD relentless downtrend with barely any retracement in it. But it isn't one of those "straight -down" trends either but rather one that has just gone down slowly with lots of halts and fits. But as you can see the down trend TL, not much retracements to speak of. SO no wonder everyone is looking at this and wondering where the retrace will come? This down trend is the wave (A) of a larger correction following that massive uptrend. As massive as that uptrend was, this correction will need to be correspondingly large. And it is starting with a very large wave (A). Right now (as of this post), the USDCAD wave (A) has only just reached the .382 retrace of that entire uptrend. That is a reflection on just how large that uptrend was! But what to look for really is the retracement levels of the previous wave (V) of the uptrend as that is what the wave (A) should be retracing. At the moment, it has gotten past the .618 - .707 levels. Broken MAJOR SR structure also. Being that is so, I am now expecting it to at least fall to the next major level at .786. But I think that it is possible that the .886 is the likely target. The .786 level does have a minor sr structure level stemming from the wave I of (V) of the previous uptrend. So that would also be a strong level to watch. In any case, waiting for prices to break that MAJOR downtrend TL would be the wise thing to do.
When the time is right to get LONG on this pair, subscriber's will be the first to know! Join us and be one of the privileged to know. Go here to subscribe: http://goo.gl/qRNGsF
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.
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 Guide TO Forex Markets Coming Soon! Want it? Sign up to mailing list: http://bit.ly/2iNieEY