USDCAD - Wait for pullback before buying !
We have a completed leading diagonal in higher degree wave (1) after wich price fell in a complex WXY correction down to 1.278.
The fast move following this wave (2) and break of upper channel confirms the bottom is in place.
This might be a wave 1 of smaller degree and we are currently in wave 2 wich should find support near 1.291 to 1.300.
You can short this move down but I don't recommend it as corrections are really frustrating.
The profit potential is (if 61.8% retracement is reached) around 200pips.
Where as the profit potential of an upside move are more than 500pips and those moves are way faster and cleaner than corrections!
The fast move following this wave (2) and break of upper channel confirms the bottom is in place.
This might be a wave 1 of smaller degree and we are currently in wave 2 wich should find support near 1.291 to 1.300.
You can short this move down but I don't recommend it as corrections are really frustrating.
The profit potential is (if 61.8% retracement is reached) around 200pips.
Where as the profit potential of an upside move are more than 500pips and those moves are way faster and cleaner than corrections!
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4H count
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Thanks !
