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USDCAD Daily: Bullish Impulse


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Jan 29 2014

USDCAD is moving nicely to the upside, most likely trading higher within impulsive structure after recent strong and sharp extended move up from 1.0580. Based on the personality of the move and acceleration after break out of the base channel, we suspect that pair is in wave three of three, typically the strongest wave in the sequence. However, we see some Fibonacci levels at 1.1200 and 1.1380 zone where pair may find a temporary resistance, but only temporary for a pullback down in black wave 4 to that base channel where upper trendline may cause a new leg up on the pair.

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