USDCAD_2
Short Setup
Short Setup
Note
USDCAD_2 W3 MAY 2020 UPDATE 1USDCAD is forming a major ABC correction pattern.
A consists of a 12345 bearish impulse
B consists of a complex ABCDE triangle pattern
C is forming a 12345 bearish impulse again
As forecasted on W3 May 2020, price has completed wave for of this bearish impulse. I will be looking a another push down to complete the 5th wave and hence completing the C wave of the ABC
Buyers are most certainly interested to enter at the 61.8-50% fib retracement (drawn from Dec 2019 lows to recent highs. Fundamentally also supports this short bull run on the CAD. Future depletion of the CAD will be monitored due to the uncertainty in the oil industries (highly likely for another crash in the near future.)
Trade closed: target reached
Note
USDCAD W4 MAY 2020 UPDATE 1My apologies on this. My count on the wave was wrong. As shown below, the bearish wave that has just happened is not the final 5th wave. 5th wave has to be the same length or shorter than wave 3. However in this case, it has already exceeded it. So we're currently still in a wave 3. It can't be sure that the wave 3 now has ended. Hence we will see more downside on USDCAD(Wave 3, 4 and 5 plotted on the chart is just a guidance, not accurate.)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.