USDCAD - Short Mid-term

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Chart Analysis - considering Elliot Wave and Smart Money Concepts

USDCAD is setting up for Short.

1. CAD has shown strength through weekly and daily impulses (USDCAD down moves).

2. There is strong bearish orderblock (supply zone) formed on 24 March 2023.

3. Price has followed Elliot Wave Pattern terminating 5th wave at 1.3740.

4. Price is forming an ascending triangle.

Entry and Exit

Short term trades:
a. Possible Entry at 1.3740 with stop loss of 20 pips - targeting 1.3565 (8.75R)
b. Possible Entry at 1.3795 with stop loss of 50 pips - targeting 1.3565 (4.6R)

Swing Trade:
c. Possible Entry at 1.3795 with stop loss of 75 pips (1.3870) - targeting 1.3260 (7.1R)