USDCAD is looking at a potential top with the current upside move. Following the Daily chart we are looking at a potential Head and Shoulders Pattern that would also help us define point 4. That rationale in and of itself is speculation since point 4 is near impossible to predict in a WW.
Looking at the higher time frame we get this view of the potential downside move.
Consider the following:
Darkest Red = Very High Probability Target, Low Probability Reversal Medium Red = High Probability Target, Medium Probability Reversal Lightest Red = Low Probability Target, High Probability Reversal
Stay tuned for further developments.
Best, Chartistry
Commento
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Although the Geo was invalidated, the Highest Probability target was hit. I expect the Medium Probability target be hit and for that area to act as a catalyst for the higher time frame WW in progress.
Best, Chartistry
Commento
⋅
USDCAD hit the second target as expected in H4 time frame.
Price was stopped short precisely at the structural level Defined in the Daily Chart.