Time Frame: Daily, 4hr, 1hr & 5min
Predicted Direction: Short
Live USD.CAD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.
Although price rejected the 38.20% ( Daily TF ) there has been deceleration as it approaches 1.2411 previous support.
If the support is so strong, could it happen that we'll go upside to 1.33? If there would no rate hike as expected.
In my analysis it's the C-leg of A-B-C correction of 1-2 wave of downtrend. 1.24 seems to be B leg completion.
It's only a hypothesis.