What can traders expected from the USD/CAD currency pair?
Today’s article analyses multiple time frames and tools as we look for the best trading opportunities available this week.
The USD/CAD currency pair is in an uptrend as the chart below shows. We see that the pair is currently in a wave 4, which usually consists of a corrective ABC pattern.
I think it’s now in wave C of wave 4 waiting for confirmation to start wave 5.
Here are the 4 main conclusions:
Our main target of wave 5 is -27.2 % Fibonacci level around 1.3156 as wave 5 often goes beyond Wave 3 .
Now it’s time to use the SWAT charts to pinpoint potential trade setups within the expected wave structure and patterns.
As explained in the first paragraph, I am only looking for the start of wave 5 at the moment… I am waiting for a price bounce at any of the Wize levels to set our buy setup.
Here are the developments we need to see on SWAT software to set our position:
As I conclusion we are looking for the buy signals only and traders should avoid trading the sell opportunity for the moment as wave 4 is close to finishing.