QUICK ANALYSIS: USDCAD: About To Break Out To Finish Wave V

I have deliberately avoided this pair ever since the wave 3 of V ended believing that the ensuing wave 4 would be extremely difficult to figure out. Why? Because this pair is SO VERY overbought on multiple TFs and there are so many traders looking for the top here that it would be a absolute MESS! I has warned my private clients to STAY AWAY from this pair until the picture cleared up because I expected an extremely choppy sideways market to develop that would be chaotic. That's EXACTLY what we got! So if you were wondering why I had not posted on this pair recently, that is why.

But now, the picture is coming into sharp focus. There will be a breakout soon and when it happens, it will be explosive! But be careful! The top IS NEAR! Exactly where, still can't tell but it could be around the 1.34600 level where there is a .618 retrace of the overall major trend looming. Here's my 4Hr Chart that is showing the wave 5 wave count and also the breakdown of the choppy wave 4 action.

MY TRADE PLAN
I will BUY on a breakout of the smaller triangle and hold it up to the .618 retrace area @1.34600 or near there. Then I will get out and WAIT for some bearish price action to signal a beginning of a decline.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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