VasilyPonomarev
Short

USDCAD: Close to supply zone

FX:USDCAD   U.S. Dollar / Canadian Dollar

hey traders,

this is the update for the recent idea on USDCAD .

so the pair is on its way to the identified zone of supply.
the price is coiling within the rising wedge formation and I will be looking for a bearish
breakout of the wedge to short the pair.

targets will be 1.321/1.314

stop will be strictly above the highest point of the wedge .

*remember that setup is conditional,
so if the market goes above the underlined zone, setup will be invalid.
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failed to gain will send it down... good stuff
.
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I'm shorting
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I just entry sell order
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Price looks like it will reach the resistance at the end of wave 3. Daily 200SMA is just above the price now, so a pullback there and push higher again.
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VasilyPonomarev AntonioFX777
@AntonioFX777, have you noticed almost completed ABCD?
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AntonioFX777 VasilyPonomarev
@VasilyPonomarev, Yes, though I do not use them much. Great sell off this morning in indices, triggering double tops on Dow and Dax soon. USD should pick up on that, so I am expecting higher on USDCAD. And NZD's amazing rally yesterday could falter now...
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VasilyPonomarev AntonioFX777
@AntonioFX777, hm! yes, I got your point!
I would expect selling wave bit earlier on USDCAD.
but will only trade with confirmation so take into your analysis as well!!
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AntonioFX777 VasilyPonomarev
@VasilyPonomarev, Powell's testimony today at 4pm GMT could be the decisive factor on where USD goes, so perhaps best to wait for that before placing new trades...
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VasilyPonomarev AntonioFX777
@AntonioFX777, that is correct!!!
thanks, as always, Antonio, for good thoughts!)
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AntonioFX777 VasilyPonomarev
@VasilyPonomarev, you too! Thanks for great analysis as well!
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