Categories: Forex Education

USDCAD completing a double wave – look to sell

USDCAD is extremely interesting in my opinion and today I will share my analysis on it. The pair has completed a double wave up on the daily chart and it is near a very strong resistance zone. Hence we can expect it to move lower from the current levels or a bit higher.

Technical Analysis:

D1 – double wave duplication, bearish divergence

Entry:
H1 – Look for a false break of the trend line and go short
Target 1: Up Trend Line on H1 (blue line)
Target 2: D1 20 MA
Stop Loss: above last high

Video Explanation:

Yours,
Vladimir

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.