Categories: Technical Analysis

USDCAD – Sell Corrections Moving Ahead?

The US dollar looks like finally created a short-term top against the Canadian Dollar. There is a nice toppish pattern forming on the daily chart of the USDCAD pair, and there is also a divergence formed. All signaling a short-term top in the USDCAD pair.

We can look for a sell opportunity from the current or a bit lower levels, and wait for a correction in two waves on the 4-hours chart to enter a sell trade with a divergence.

Technical Analysis

D1– Daily chart highlighting a short-term top pattern.

Sell Entry:

H4 – If USDCAD pair trades in two waves higher from the current or a bit lower levels, forms a divergence or breaks any bullish trend line formed on the 4-hours chart, then we can look to enter a sell trade as shown in the chart.

Target 1: 1.4250

Target 2: 1.4150

Stop Loss: Above the last high created or 1.4650.

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.