This analysis would be valid only if the USDCAD goes to a new high! If it doesn't then the downside move has already started (depending on our Wolfe Wave analysis) and we recommend to start shorting the pair with the provided stop loss price level.
Hello, thanks for your effort and submitted chart.
Ashkian
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What kind of impulse wave is wave iii?
ResonanceTrading
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@Ashkian, hey ashkian, I am really sorry I didn't clear everything in my analysis but the whole move up is corrective and there are a couple of analyses that could be true and this is one of them! And what's shown above is the worst case scenario. And I believe that USDCAD is going down no matter what. But if you want to short it just keep it small and with high stop losses.
Now I assumed that the first wave of wave three is extended! And if the price breaks lower then wave Y Was just an ABC move to the upside. Cheers.