Hello, many traders posted ideas expecting a strong decline on this pair. I agree we can have a very good long term opportunity to short the USDCAD but right now its difficult to find an entry point.
This is my contribution to those ideas using first EW tools and adding other tools to confirm a potential trade.
Lets start with weekly chart. Acording to my prefered count righ now price seems to be finishing a corrective ABC zigzag.
Last C leg blue is formed by an impulse wave labeled intermediate waves 12345 purple.
AO oscilator suggests we are at wave 5.
Im taking notes of most relevant price and time projections:
- Wave 5 purple=wave 1 purple : 1.3564 level
- Projected time for final wave 5: 21 set 2015
Here on D1 chart im using the same projections for the impulse of lesser degree labeled 12345 green.
- Wave 5=wave 1 green : 1.3595 level
- Fib divider: 1.3586 (see chart)
- projected time: 25 set 2015
CONCLUSION: i will take the average of all values for price and time.
- average price for a short: 1.3581
- average date: 23 set 2015
This values are not exact, use them as reference to find entry points on lower timeframes to have a better R/R ratio.
Regards.
This is my contribution to those ideas using first EW tools and adding other tools to confirm a potential trade.
Lets start with weekly chart. Acording to my prefered count righ now price seems to be finishing a corrective ABC zigzag.
Last C leg blue is formed by an impulse wave labeled intermediate waves 12345 purple.
AO oscilator suggests we are at wave 5.
Im taking notes of most relevant price and time projections:
- Wave 5 purple=wave 1 purple : 1.3564 level
- Projected time for final wave 5: 21 set 2015
Here on D1 chart im using the same projections for the impulse of lesser degree labeled 12345 green.
- Wave 5=wave 1 green : 1.3595 level
- Fib divider: 1.3586 (see chart)
- projected time: 25 set 2015
CONCLUSION: i will take the average of all values for price and time.
- average price for a short: 1.3581
- average date: 23 set 2015
This values are not exact, use them as reference to find entry points on lower timeframes to have a better R/R ratio.
Regards.