Pre-Requisite Reading: USDCAD: Going as Planned - Looking for Capitulation!
“We started short positions immediately when price touched the upper-bound of the channel (1.2940) with stop-loss at 1.2995.” - April 19, 2016 - USDCAD: Going as Planned - Looking for Capitulation!
In the above analysis, we took profits and re-entered short 2 times and we are currently closing the majority of our short positions at 1.2590 while holding 1 small position for 1.2480. (watch trade on forexsignalsfactory.net)
USDCAD Daily Chart - April 27, 2016
In this daily chart of USDCAD, we see how prices have went lower following the channel and approaching our main target for this wave C of (A) to complete. We believe that there is one more big capitulation that needs to happen and to push prices at least near the 162% extension level.
USDCAD 4H Chart - April 27, 2016
In the 4h chart, we have a detailed count of the last wave, red wave 5. Currently, USDCAD is trying to finish the 5th of the 5th or (the Capitulation of the Capitulated).
We have also presented our trade initiated on April 19. Our experience has shown that this price structure must not be shorted anymore, nor be bought, but it is a good moment to lighten up the shorts. We will only buy if the price touches the lower-bound of the channels.
Until that happens, there is no sign of bottoming yet.
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