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USDCAD Searching For Resistance

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September 25 2017


USDCAD is trading bearish overall, but on 4h chart we see price rising. This rising price action may only be temporary, as we see price trading within a complex correction of wave 4. Ideally a double zig-zag pattern is in the making within wave 4, which may search for resistance near the Fibonacci ratios of 23.6 or higher near the 38.2. resistance zone. Previous swing high at 1.2414 and 1.2668 level can also offer resistance and turning points.

USDCAD, 4H


We also see crude oil bullish, currently in a contracting range; a triangle which is continuation pattern, so it may cause a new leg up while market is above rising trendeline support. Further upside on energy market may cause stronger CAD.

Crude oil, 4H


 


 

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