Nov. 11th – USDCAD

The price action has made another high and we moved our (4) to the left. At this point, there is no proof that the correction has finished and the turn to resume the trend down is there. I added a corrective channel, by using the two bottoms from the corrective move, with the first top. The current price is close to this top and might bounce of it. I also added the template with the 40Weekly, 40Daily SMA and 10Daily EMA to the price action, and it shows that price is currently moving in between these Moving Averages. It might find resistance around current levels where the 40 Daily SMA is located, but will find some support after the turn on the way down. There are also some Annual Matrix levels around 1.2400 and 1.2300 that will offer some support once the pair starts moving down. Breaking of the key support level on the chart will invalidate the count shown now.
There might be an opportunity to add to your positions or enter this pair using the Stochastic setup and the channel, but make sure that momentum is in your favor by checking all the technicals.