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USDCAD: Impulsive Trend Could Resume From 1.0200


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Mar 10 2013

USDCAD is trading nicely higher for the past few weeks, which was expected after wave B) pull-back down to 0.9800 support at the end of 2012. We know that after completed correction the market will make an impulsive price action, and that is exactly what we are tracking now in wave C); five wave rally in wave C), which is still incomplete. For now we have only three waves up to 1.0340 so more gains to come after current wave 4 pull-back that could test 1.0200 level next week, before uptrend resumes. Critical level is at 1.0100. Why? Because wave four must not make an overlap with wave one.

Sentiment table
Current Trend/Sentiment Directional Bias Strategy
Up Wait on deeper fourth wave pull-back 1.0200 and then look for longs.

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