WILL PRICE REACH TO THE UPPER CHANNEL (1.36?)
OR
DO WE HAVE A COMPLETED 5TH WAVE ALREADY?
This is the million dollar question. Following suggests it is NOT yet:
1- Everyone expects a rate hike in USD in December
2- There is still some juice left in USDCAD pair to go up, judging from strength indicators.
The following suggests that the Time is up and UASCAD shall go down
1- Significant exhaustion, judging from MACD Divergence/Convergence
2- Birth pranks of a Heads&Shoulder formation barely visible at daily chart level
3-Technically price already reached the levels of wave 3 (check out on this chart)
4-reverse hammer (sort of) on weekly chart
5-Price does NOT respond as it should be to oil prices (i.e.today oil dropped significantly and USDCAD did not move proportionally up)
6- In Oil chart (refer to my analysis) signs for a trend change.
My advice: Be careful at this stage if you take the LONG side. I don't know personally if the USDCAD will go up to 1.36. Watch signals at lower time frames and act accordingly.
OR
DO WE HAVE A COMPLETED 5TH WAVE ALREADY?
This is the million dollar question. Following suggests it is NOT yet:
1- Everyone expects a rate hike in USD in December
2- There is still some juice left in USDCAD pair to go up, judging from strength indicators.
The following suggests that the Time is up and UASCAD shall go down
1- Significant exhaustion, judging from MACD Divergence/Convergence
2- Birth pranks of a Heads&Shoulder formation barely visible at daily chart level
3-Technically price already reached the levels of wave 3 (check out on this chart)
4-reverse hammer (sort of) on weekly chart
5-Price does NOT respond as it should be to oil prices (i.e.today oil dropped significantly and USDCAD did not move proportionally up)
6- In Oil chart (refer to my analysis) signs for a trend change.
My advice: Be careful at this stage if you take the LONG side. I don't know personally if the USDCAD will go up to 1.36. Watch signals at lower time frames and act accordingly.