USDCAD: Long waiting to happen
Updated
As we can see in this chart, there is an impulse forming, which currently is in its wave 4, a lateral correction.
This would maintain the rule of alternation based on the trayectory of wave 2, which is rather steep.
Once we reach the end of the sideways corrective pattern, we can expect a wave 5 the size of the wave 1, which matches the trendline confluence zone, at the median line of a pitchfork that outlines previous price action in the weekly chart.
I'd reccomend waiting for confirmation to go long, to avoid the sideways nature of this complex correction, which can get on your nerves rather quick, as the market makers shake everyone and their mother out.
This would maintain the rule of alternation based on the trayectory of wave 2, which is rather steep.
Once we reach the end of the sideways corrective pattern, we can expect a wave 5 the size of the wave 1, which matches the trendline confluence zone, at the median line of a pitchfork that outlines previous price action in the weekly chart.
I'd reccomend waiting for confirmation to go long, to avoid the sideways nature of this complex correction, which can get on your nerves rather quick, as the market makers shake everyone and their mother out.
Trade closed: target reached
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