DislikedHere is what i think on USD/CAD Daily Timeframe... There may be a good possibility that a major wave has completed it's 5 wave downward move on this pair and a good possibility that this pair can go up on a very large correction to the upside. My calculations are solely based on Fibonacci ratios and this last wave has done the usual and minimum target down to 38.2 and on the daily TF, we can see a slight rejection. This is the reason i have taken some positions in demo account so far but not on my live account. we still have to wait and see if this...Ignored
Yesterday i had put up a usdcad daily chart. Here is the update ...
although there was a slight rejection, it quickly turned down again and closed below 38.2 which was the intended 5th major wave target, so probably it might go down again to 61.8 as DXY is in a major bearish mode as well. There could also be a rally up for a short term before the down move but major trend seems really down. I took some trades on demo to catch some of these short term rally due to the confluence of 5th wave 38.2 and 61.8 of the minor wave (shown in the chart as a standout).
Take a look at the chart .
STING