USDCAD short idea (H1/H4)
Updated
Hello, All!
CAD
USDCAD has been continuously strengthening versus USD since May 2017.
The last major breakout of the previous support level of 1.233x occurred on 06 September.
After that, the pair was moving inside the ascending triangle which is most likely to be the accumulation phase prior to the next major move. If indicated point 5 is reached, it will also make Wolfe wave formation a reality and will provide an interesting opportunity to go short.
This setup was inspired by TomHall's original idea, many thanks for it!
GL and nice profits!
CAD
USDCAD has been continuously strengthening versus USD since May 2017.The last major breakout of the previous support level of 1.233x occurred on 06 September.
After that, the pair was moving inside the ascending triangle which is most likely to be the accumulation phase prior to the next major move. If indicated point 5 is reached, it will also make Wolfe wave formation a reality and will provide an interesting opportunity to go short.
This setup was inspired by TomHall's original idea, many thanks for it!
GL and nice profits!
Trade closed: stop reached
The pair made absolutely unpredictable jump in just few minutes supposedly due to "Bank of Canada Deputy Governor Timothy Lane says the bank will pay close attention to economy's response to both higher rates and the stronger Canadian dollar".Whatever are the reasons behind that move, the price clearly broke the SZ of the wave and hit the SL.
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