Bearish action could be seen on USDCAD also. I managed to get a...

Bearish action could be seen on USDCAD also. I managed to get a small bullish move on the bounce for a quick 2.6% on that double-bottom entry (two small grey boxes).

We already had a failed attempt at bearish action (large grey box). This quite often happens at the end of the C-leg. We see this last attempt at a final push before the opposing side (bulls in this case) take charge. This push also gave us slight divergence confirming my bullish bias previous to taking that trade.



However, we are currently sitting at the spaghetti of 3 major trendlines and 1 mid-term trendline (see chart below). If the bulls take charge we could see some more bullish action for the next few weeks. Again, depends what Powell has to say. I will only consider this if we see a break of that mid-term trendline. This, for me, will confirm a third bounce from those two major trendline supports and ma convergence (grey box).

I'll be looking for the short-term short as, IMO, it's more likely but if there's no opportunity I will be looking for a long on both UCAD and UJ (if this UCAD bull move happens, it's likely that UJ would've broken out of that range and be accelerating to the upside also).