USDCAD 1:7 RR trade idea

10 ott

The dollar index almost hit a 2 year low but the price reversed only half a percent higher from the said level. After CPI news, the dollar ended its bullish streak, after touching the highs of 2020. For that reason the USDCAD, which has just finished its second bullish leg by the Elliot Wave theory(6 bullish days in a row). Currently looking for a second correction, to what quarterly VWAP high indicates. Looking for a 7% short trade setup(1% risk) targeting 1.365(Quarterly VWAP + 0.382 retarcement) for 100 pips.
This analysis is taught and provided by Fractals Trading Community.
Trade safely and expect the unexpected,
Mei