USDCAD: So You Want To Buy CAD, Huh?

Yes, I know you so much want to BUY CAD and there are several posters here who are screaming BUY! BUY! BUY! And I think everybody and their dog thinks the bottom is in. Well, as I in my previous analysis, I am not in that crowd. In fact, I think this downtrend is not over. No.Still not yet. Listen to others and buy at your own risk. Here's what I think. I just posted a FULL Monthly Analysis on this pair on my website. It's a FREE post so if you have registered, you can go read it. I can't post it all here due to restrictions on post length. So I am only posting a snippet here. To know why I am thinking the way I am, you need to see the bigger picture.

4HR CHART
This 4HR chart of USDCAD can really shed a good light on why I think buying USDCAD is premature. The trend isn’t over. Not yet. Prices are still headed lower. Not much lower but lower before we get the REAL end of the trend. Strong trends usually end in a ED or EED. Because of the overlapping waves present now and the way they are overlapping, this makes me think it is an EED pattern. That nice big jump up that just occurred? A bull trap. Buy it thinking prices are now poised to head higher, and you will get caught in the trap. I see that jump as just the leg D of the EED. Prices should be headed back down in the leg E now. And I think that leg E will end somewhere within my second “critical zone”. Near to or at the .886 retrace level. It might even exceed that critical zone a little.

To get the FULL analysis, go here: goo.gl/4Y7IVe
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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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