USDCAD: Liquidated Shorts (+5000pips) - No Sign of Reversal Yet!

In our last article on USDCAD, USDCAD: Looking for the "Capitulation of the Capitulated"!, we discussed a potential last move to new lows and even though USDCAD made a new low, we are still not convinced that the bottom is in place.

USDCAD 4H Chart - May 3, 2016

 We closed our last short position at 1.2480 as initially planned in we are currently flat on this pair.

According to the above chart, USDCAD needs to fall at 1.22 or even lower to complete the cycle but it is always risky in Ending-Diagonal wave structures as ...Read More