Nov. 9th – USDCAD

The price action from the recent top so far does not look really impulsive. It might be working on a leading diagonal, or the last leg of the expanding, ending diagonal has not finished and we might see another wave up to complete. At this point, we do not know yet what structure is forming. The 30 SMA is turning and prices are trading below it already giving a first indication that the trend is changing and resuming in our expected direction. Prices are also still trading below our 3 moving averages of the trend confirmation template (200 weekly, 200 daily and 50 daily SMA). So we are for sure bearish at this market, now we only need to wait until we can identify the structure with confidence so we can look for entries to go short in this market to trade our expected wave ((5)).