Our USDCAD analysis suggests a downward trajectory as the pair completes a corrective pattern marked as Wave (b). Observing the Elliott Wave structure, we are currently at the start of Wave (c), which typically follows Wave (b) and could extend significantly downward.
The chart indicates that Wave (c) may target the 0.618 Fibonacci retracement level at 1.36079, which aligns with the typical depth for a Wave (c) correction. Given the current setup, this level presents a strategic target for a short position.
For those considering a short position, it would be prudent to enter near the current price with a stop-loss order placed slightly above the recent high of Wave (b) to manage potential risks. This trade setup offers a favorable risk-reward ratio, aiming for the Fibonacci level mentioned as the initial target.
Keep a close watch on this development, and adjust your trading strategy based on the price action at these critical levels. Trade wisely and maintain robust risk management practices.
The chart indicates that Wave (c) may target the 0.618 Fibonacci retracement level at 1.36079, which aligns with the typical depth for a Wave (c) correction. Given the current setup, this level presents a strategic target for a short position.
For those considering a short position, it would be prudent to enter near the current price with a stop-loss order placed slightly above the recent high of Wave (b) to manage potential risks. This trade setup offers a favorable risk-reward ratio, aiming for the Fibonacci level mentioned as the initial target.
Keep a close watch on this development, and adjust your trading strategy based on the price action at these critical levels. Trade wisely and maintain robust risk management practices.
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