USDCAD - Being Patient with BOC Rate Statement

FX:USDCAD   Dolar U.S/Dolar Kanada
The impulsive drop on USDCAD seems to have started with the weakening of US Dollar , and the hawkish sentiment from BOC recently.

Looking at how price has developed, I will remain bearish on this pair for the remaining of 2017. However, I would prefer to be patient and wait for a decent correction towards 1.3122 before looking for a short opportunity again. Next week BOC Rate Statement might come in as anticipated and might give us the necessary correction.

Here are 3 reasons for me to avoid shorting this pair immediately -

1) Price has met the minimum criteria fibonacci ratio for a 3rd wave down. This give us the expectation of seeing a wave 4 correction before another move lower.

2) We are seeing a RSI divergence forming. This show us that the bearish strength might have subsided and a correction is near.

3) On the hourly timeframe, we are seeing a potential expanding diagonal structure forming. This technical pattern is a reversal pattern and thus we believe the higher probability direction is to the upside - a very short term one though.

So my trade plan next week?


**Definitely keeping a close watch on how price develop next week.
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