USDCAD: Price Approaching Sell ZoneHi Traders,
I'm looking for an expanding flat in wave X. It is at this point where I'm expecting institutional sellers to take short positions. With this being said, we currently do not have a confirmation take any short positions.
Wait for confirmation before taking short positions.
Regards
Wave Theorist
Usdcaddaily
USDCAD approaching resistance, look out for potential reversal!
USDCAD is approaching its resistance at 1.32785 where it is could reverse down to its support at 1.31828.
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USDCAD might reverse very soonUSDCAD is facing stiff resistance at the 1.3300-1.3340 area which is expected.
At this point, both the sellers and buyers are on the sidelines waiting for a move to happen.
In my opinion, price will reverse very soon. However, there might be a fake breakout of the resistance level to generate some liquidity before dropping.
I have already executed sell orders and I will look to add some more if I see rejection or a fake breakout at the resistance
USDCAD Market Outlook | Daily Forex Market BreakdownUSDCAD
Nice push to the downside with USDCAD. Looking like bears are in control. Potential shorts soon. It's still too early to tell right now. We need to see is USDCAD can pull back to the upside a bit. I still believe we could push up and retest the outer trend line still.
USDCAD Market Outlook | Daily Forex Market BreakdownUSDCAD
Looking very interesting, but also looking a bit tricky at the moment. Going a bit sideways right now. Way to early to even think about getting in a trade with this pair right now. We need to remain patient and let the market show us its true direction.