CAD pairs had shown some weakness during the last week and it seems to me that CAD pairs are close to starting a new bearish move for the upcoming week… This article will review the CAD/JPY pair from an Eliot Wave perspective by discussing the different expected scenarios for the pair during the coming period.
As shown in the below chart, the CAD/JPY is starting a new bearish momentum… It seems to me that pair will present a new 5 wave down and I expect more downside before this bearish wave pattern is completed… Bearish momentum in fact seems to be confirming the start of waves 3 down. And I expect more downside in the upcoming days.
Here are the main conclusions:
I am now expecting a strong bearish momentum to take place and traders should wait for sell setups only as it match with the expected wave pattern and we will discuss in the next paragraph the entry points by using SWAT software.
Now it’s time to use the SWAT charts to pinpoint potential trade setups within the expected wave structure and patterns and today i will use a new SWAT template by using 15 min chart… As discussed in the article that we are looking for the sell opportunity as it match the expected wave pattern and here are the main conclusions :