EverythingForex

USDCAD: Fool's Gold For Those That Want To Challenge The Trend!

FX:USDCAD   U.S. Dollar/Canadian Dollar
636 0 22
This 8HR view of USDCAD             gives a good look at this downtrend and its' subwaves. What I see in this wave count is that USDCAD             is not yet done moving down. It is now in the wave (v) of (A). And that wave (v) is not done. More downside to go. Also notice that the 1.618 wave ( iii             ) extension lies right near to the .886 retrace. That makes for a strong confluence and a strong magnetic pull. Prices may be attracted to that level.

DAILY CHART

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 ABC 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.

snapshot

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