Wednesday, October 8, 2014

Usdcad Intra day Update

On 5th October, I talked about an end of wave 5 on the 4H chart of this pair for a bearish move ( Read Here) .  

Price started reacting immediately to the bearish call and I cashed out 100pips on 50% of my position. 

The bearish move has paused and entered a consolidation ( triangle) which if broken downward will give a nice ride.

The bears still have the chance especially from the 1H intraday chart which shows how price is reacting to the expected  retracement ( 50% or 61.8%) of the wave 5.

If Usdcad breaks the triangle downside, it's either we have a wave 3 or c which could end at 1.1000 ( 161.8 % extension of a from b and 61.8% retracement of the wave 5 that I discussed on 5th October

If price breaks above the upper boundary of the traingle, I might look forward to exit the other 50% of my position.

I will keep an update as the market unfolds.

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