Hi traders!
USDCAD has at the beginning of November of 2020 broke out of a triangle correction, which was located in wave 4, and started trading impulsively lower into a wave 5 of a bigger, bearish trend. At the moment we are observing a five-wave move to be underway within a sub-wave iii of 5, which can extend its weakness towards the Fib. ratio of 1.618 (1.257 area), where end of a third wave can be seen, and a corrective sub-wave iv can start to develop. That said, price can look lower as long as the trendline connected from the October highs is not breached. Also be aware of minor pullbacks along the way.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
USDCAD has at the beginning of November of 2020 broke out of a triangle correction, which was located in wave 4, and started trading impulsively lower into a wave 5 of a bigger, bearish trend. At the moment we are observing a five-wave move to be underway within a sub-wave iii of 5, which can extend its weakness towards the Fib. ratio of 1.618 (1.257 area), where end of a third wave can be seen, and a corrective sub-wave iv can start to develop. That said, price can look lower as long as the trendline connected from the October highs is not breached. Also be aware of minor pullbacks along the way.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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