USD/CAD Swing Trade Opportunity?
Looking at USD/CAD , from an Elliott Wave perspective, we can see that this pair may have finished 4 waves down with wave 4 being an ABCDE continuation pattern for more downside towards wave 5. Additionally, the price broke below the bearish continuation and is currently retesting its lower band.
If the price manages to continue going down, our first target will be the beginning of the continuation pattern around the 1.2055 zone. Breaking below this area will push the price for more downside towards 1.1853, 1.16004, and 1.12409 in the long run. Since it is a long-term trade, make sure to lower your risk so you may become able to take this trade with a very relaxed stop-loss.
Goodluck!
If the price manages to continue going down, our first target will be the beginning of the continuation pattern around the 1.2055 zone. Breaking below this area will push the price for more downside towards 1.1853, 1.16004, and 1.12409 in the long run. Since it is a long-term trade, make sure to lower your risk so you may become able to take this trade with a very relaxed stop-loss.
Goodluck!
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.