Categories: Technical Analysis

USDCAD bullish momentum exhausted? Preparing the ground for the bears

Pair is in extreme in all higher time frames like the Monthly, Weekly and Daily. Regardless of the fundamentals, this pair will experience a correction, most likely to the up trend line from the bottom as seen on daily chart.

Technical Overview:
MN – Monthly Extreme

W1 – Weekly Extreme

D1 – Daily Extreme

Entry:
H4 – look for a clear move down, preferably a move that will break the last low on the H4 chart.
Only then we can start looking for sell opportunities once the price starts to correct itself.
Target 1: Daily Up Trend Line
Target 2: Open
Stop Loss: above last high

Video Explanation

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.