Hello traders, usdcad is developing wave 5 and I think that it will at least reach the red resistance that I drew on the chart, if oil should go down usdcad could break the resistance; In the larger picture (DAILY CHART) there is a downtrend but the price broke a speedline demonstrating a new bullish strength.
In addition the shor term trend is bullish and there is a sort of "cup" formation which could push up the price.
Retail traders are 88% short so there are chances for new gains for the pair: remeber you must never trade in the same retail traders' s direction.
I ll keep you updated and do NOT open short trades until wave 5.
In addition the shor term trend is bullish and there is a sort of "cup" formation which could push up the price.
Retail traders are 88% short so there are chances for new gains for the pair: remeber you must never trade in the same retail traders' s direction.
I ll keep you updated and do NOT open short trades until wave 5.
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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.