USDCAD Bear Flag 1hr Time Frame
Short-term Bearish Flag inside a longer-term Bearish Flag.
Break to the downside of the short-term Bearish Flag could result in price action testing the lower boundary of the longer-term Bearish Flag around 1.2740 - 1.2750. Break to the downside of this longer-term Bearish Flag could then result in price action moving toward 1.2695 - 1.2726 in an AB=CD pattern, reversing for a short period between the 1.272 and 1.618 fib extension of AB before continuing toward the 0.618 fib retrace of the Oct 25th to 27th upward move.
Trade with caution. This is not trading advice.
Cautionary Note: USD FOMC Meeting Minutes are due to be released in 20 hours.
Break to the downside of the short-term Bearish Flag could result in price action testing the lower boundary of the longer-term Bearish Flag around 1.2740 - 1.2750. Break to the downside of this longer-term Bearish Flag could then result in price action moving toward 1.2695 - 1.2726 in an AB=CD pattern, reversing for a short period between the 1.272 and 1.618 fib extension of AB before continuing toward the 0.618 fib retrace of the Oct 25th to 27th upward move.
Trade with caution. This is not trading advice.
Cautionary Note: USD FOMC Meeting Minutes are due to be released in 20 hours.
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