After the big impulse move that ended at the 16 of April we saw an correction which is still till date unfolding. With wave c unfolding as an ending diagonal, we can expect a rapid rally to the upside as ending diagonals are characterized in that manner. Mind you shorting this pair is based on the fact that the short term trend is down.
I am seeing possible bearishness in this exotic pair.
Wait for price to retrace slightly higher before looking to short it.
target level - 15.41
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not take the trade.
The risk of trading in securities markets...
Based on 5 year analysis it seems like the cadmxn trade is a great long term investment they have been in a very consistent upward trend since 2006. i added the pivot points in order to see what is currently going on. it is struggling to fall under the red pivot point. i believe this will be a buy since it seems like its going to bounce off that pivot point into...
My mexican Pesos index could be topping in what could be a first A wave coming after a long period of weakness. If so, B wave could be coming to the downside before a strong bounce to finish the correction.
Like the majority of CAD pairs CAD/MXN has posted a weekly reversal candle at key support area. I am particularly interesting in this pair as i've been awaiting a larger correction in the USD/MXN, however as it stands it is the CAD/MXN that looks cleaner imo.
Any thoughts or ideas are appreciated