USDCAD (W,X,Y) Corrective Pattern Going long into a short.
Updated
I was able to spot a W,X,Y pattern early on USD/CAD, Right now it's finishing off the (b) correction on the (X) wave. Im hoping for it to retrace to the .618 as I find the X wave to commonly retraces to that spot. After the X wave is complete, I'm hoping for the Y wave to finish up on the major trend line holding as support starting from September 2017. The Y wave retracing to the trend line also fits in with the fact that it is the same length as the W wave.
This would also align with the movement of Eur/Cad. If you look at the analysis I posted for eur/cad right now its a ahead of usd/cad in terms of pattern but it has the same movements. Meaning that Eur/cad is finishing the A correction on the X wave, when it moves up the the B correction, USD/cad will be moving up to finish the X wave.
This would also align with the movement of Eur/Cad. If you look at the analysis I posted for eur/cad right now its a ahead of usd/cad in terms of pattern but it has the same movements. Meaning that Eur/cad is finishing the A correction on the X wave, when it moves up the the B correction, USD/cad will be moving up to finish the X wave.
Note
I've put out a video going a bit more in depth as to how I see this pair is going to be moving along with EUR/ USD as they will be moving relatively the same for a while. Check it out and subscribe, Ill be putting out more In-depth analysis on there.
youtube.com/watch?v=2ew-y3gd1vw
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.