Usdcad Intraday Update

In my last post on this currency pair, I forecast a fall in price at the break of the most recent intraday corrective pattern. I waited till I was sure about the corrective pattern.

The last intraday corrective pattern ended as a zigzag correction completed with an ending diagonal. I sold at the break of the channel at 1.2550 and it looked as if I made the right decision.

I expect price to moce down to break 1.2350 intra day support. The next business now is to manage this trade as more move downward is expected in a 5-wave impulsive move.

 

As more intraday price data are added, we can see more clearly where the next big move will be, and follow through. I will be here to update you.