Categories: Technical Analysis

Switching to bullish mode in USDCAD

I’ve been following this pair since last week but the market never did what it was expected to, for the sell scenario to kick in. Now I think we can switch to bullish view and look to buy once the double wave correction completes itself. It is well seen on the H4 chart and the H1 chart. Bullish hidden divergence is also forming at the moment. Here is the plan on how to join.

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Technical Overview:
H4 – potential double wave correction, bullish hidden divergence

H1

Entry:
H4 – we are following the double wave correction as seen in the screenshot. there is also bullish hidden divergence forming on the H4 chart and bullish divergence is spotted on the H1 chart as well. Once the pair reaches the levels we want it to, we can go ahead and attack with a buy
Target 1: H4 20 MA
Target 2: 1.2740
Stop Loss: below last low created

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.