I'm watching this one closely. I am expecting a long term sell opportunity coming. Long term in the sense that these will be positions to be held until at least mid to late 2019 and we can expect to see CAD reaching parity with USD and go beyond. Please see my Monthly analysis idea for this forecast.
My analysis still leaves the possibility of one more local up move within the Daily corrective structure before the long term bear impulse begins. This can be seen in my chart as the possible E wave. I choose not to enter any Buy orders at this point since I am still expecting the corrective structure could give the signal that it's finished sooner than later. A flag seems to be developing on the Daily level that is showing signs it could collapse soon. MACD 4C also seems to indicate momentum to the downside.
The next few days are very critical and will indicate if the Daily corrective structure is complete or if it will continue. Again, just monitor for now and set up alerts so that you don't miss this rare opportunity coming.
My analysis still leaves the possibility of one more local up move within the Daily corrective structure before the long term bear impulse begins. This can be seen in my chart as the possible E wave. I choose not to enter any Buy orders at this point since I am still expecting the corrective structure could give the signal that it's finished sooner than later. A flag seems to be developing on the Daily level that is showing signs it could collapse soon. MACD 4C also seems to indicate momentum to the downside.
The next few days are very critical and will indicate if the Daily corrective structure is complete or if it will continue. Again, just monitor for now and set up alerts so that you don't miss this rare opportunity coming.
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