One man army USDCAD!
Weird title eh? Ya, I know but currently, our brave soldier USDCAD deserve that title. He is acting all alone struggling for his own path (LONG).
#What's going on inside this trade?
1) I got a Fibonacci Retracement which will clearly show us how the price retraces back at which level. Currently, the price is floating above 61.80%.
2) I got a Fibonacci Extension too which will clearly show us how far the price can rise from its current position level. Currently, the price is floating below 50%. Isn't there lot space for upward too?
3) The whole USDCAD price was inside a "Falling wedge + Symmetrical Triangle" but guess what price breakout from both! OoOOoooww.. :O
4) I got a 5 sequence wave "Elliott Wave" which shows us the larger degree wave is up, meaning that advancing waves are impulsive and the corrective waves are declining on current price action. It can create other remaining 3 and 5 impulsive waves too in the near future if the price is really uptrend on USDCAD.
#How could we think its a long?
1) First, I believe that this pair has already dropped much from the past price actions and then it did take off from below the 61.80% and currently, seeing the price below the Fibonacci Retracement level 50% it makes sense that it did well in uptrend move couple days before.
2) Knowing from the above 1st reason our Fibonacci Extension seems to have a good potential space for upward movement of price as currently, we can see it's just floating in between the 38.20% to 50% levels and there's more space for upward movement if price really wants to go.
3) Seeing that "BREAK OUT" from "Falling wedge + Symmetrical Triangle" makes first sense that price is now taking off from the bottom to sky!
4) Talking about the "Elliott Wave" we are observing a larger degree of the wave toward the uptrend of price rather then downtrend which means that this time advancing waves are impulsive! Impulse waves move in the direction of the larger degree wave where corrective waves move against the larger degree wave! There could be higher chances of uptrend if the price of USDCAD keeps on following the higher degree of waves like I mean it has already created the 1st Impulsive and if now 3rd and then 5th to go! Our speculation on USDCAD long (BUY) will be true if the price didn't fail to follow our waves till the 5th wave.
#How could we know if it ain't long?
1) Talking about the sentiment as we see this week doesn't seem to be in favor of US Dollar because seeing all the price action of other major pairs in market US Dollar is somehow losing its standard against the other currencies compared to last week. This could be problematic for USDCAD upward momentum so I said "ONE MAN ARMY USDCAD" in the beginning as its randomly acting its own way struggling for its own upward journey where its enemy pairs AUDUSD, GBPUSD, EURUSD are trying to kick his ass time to time. (In our fX term the negatively correlated pairs of USDCAD are doing so well in upward movement then how could our USDCAD copy the same direction if negative = opposite direction. The force or we say the magnitude of other currencies against USD is greater Right? That could be one reason, for no more long of USDCAD right? Eh... )
2) If the price keeps on falling and tries to retrace back deeper levels of Fibonacci Retracement could also indicate that price isn't able or willing to go upward any longer that ends us with? umm... No long correct!
3) If the "Elliott Wave" gets invalid! Meaning if the price action ignores the waves and doesn't follow it then it can also indicate not an uptrend move in USDCAD!
If you like my thought on our USDCAD feel free to like and subscribe!
Best wishes for the remaining trading days everyone!
Peace out!
#What's going on inside this trade?
1) I got a Fibonacci Retracement which will clearly show us how the price retraces back at which level. Currently, the price is floating above 61.80%.
2) I got a Fibonacci Extension too which will clearly show us how far the price can rise from its current position level. Currently, the price is floating below 50%. Isn't there lot space for upward too?
3) The whole USDCAD price was inside a "Falling wedge + Symmetrical Triangle" but guess what price breakout from both! OoOOoooww.. :O
4) I got a 5 sequence wave "Elliott Wave" which shows us the larger degree wave is up, meaning that advancing waves are impulsive and the corrective waves are declining on current price action. It can create other remaining 3 and 5 impulsive waves too in the near future if the price is really uptrend on USDCAD.
#How could we think its a long?
1) First, I believe that this pair has already dropped much from the past price actions and then it did take off from below the 61.80% and currently, seeing the price below the Fibonacci Retracement level 50% it makes sense that it did well in uptrend move couple days before.
2) Knowing from the above 1st reason our Fibonacci Extension seems to have a good potential space for upward movement of price as currently, we can see it's just floating in between the 38.20% to 50% levels and there's more space for upward movement if price really wants to go.
3) Seeing that "BREAK OUT" from "Falling wedge + Symmetrical Triangle" makes first sense that price is now taking off from the bottom to sky!
4) Talking about the "Elliott Wave" we are observing a larger degree of the wave toward the uptrend of price rather then downtrend which means that this time advancing waves are impulsive! Impulse waves move in the direction of the larger degree wave where corrective waves move against the larger degree wave! There could be higher chances of uptrend if the price of USDCAD keeps on following the higher degree of waves like I mean it has already created the 1st Impulsive and if now 3rd and then 5th to go! Our speculation on USDCAD long (BUY) will be true if the price didn't fail to follow our waves till the 5th wave.
#How could we know if it ain't long?
1) Talking about the sentiment as we see this week doesn't seem to be in favor of US Dollar because seeing all the price action of other major pairs in market US Dollar is somehow losing its standard against the other currencies compared to last week. This could be problematic for USDCAD upward momentum so I said "ONE MAN ARMY USDCAD" in the beginning as its randomly acting its own way struggling for its own upward journey where its enemy pairs AUDUSD, GBPUSD, EURUSD are trying to kick his ass time to time. (In our fX term the negatively correlated pairs of USDCAD are doing so well in upward movement then how could our USDCAD copy the same direction if negative = opposite direction. The force or we say the magnitude of other currencies against USD is greater Right? That could be one reason, for no more long of USDCAD right? Eh... )
2) If the price keeps on falling and tries to retrace back deeper levels of Fibonacci Retracement could also indicate that price isn't able or willing to go upward any longer that ends us with? umm... No long correct!
3) If the "Elliott Wave" gets invalid! Meaning if the price action ignores the waves and doesn't follow it then it can also indicate not an uptrend move in USDCAD!
If you like my thought on our USDCAD feel free to like and subscribe!
Best wishes for the remaining trading days everyone!
Peace out!
Penafian
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