USDCAD - The Weekly View - Big Wave Coming! ✨

In our last higher timeframe overview of USDCAD, we were looking for a bounce from the 1.20 level as we were anticipating the next big impulse. See below:
If you got in at the bottom, you would be up by 500pips right now!

Impulses (motive waves) have 5 phases. We may have seen the first wave and currently in the second wave, which could be an ABC correction. We are anticipating price to come back down to the 1.23 level where we will be setting ourselves up for the third wave, which is always the biggest wave. The third wave is one not to be missed!

Trade Idea:
- Look for shorting opportunities back down to the 1.23 level (400pip trade)
- Once entered shorts, put SL above the highs and gradually take your position off as we head down
- Once we are near the 1.23 level, will post a new idea to get in on the big wave 3!

Be sure to use risk management with this trade as USDCAD is correlated with Oil and Oil is always volatile.

Goodluck and as always, trade safe!