The Canadian dollar was one of the best performers last week, gaining strongly against the USD. We can see a sharp fall on the USD/CAD, back to the 1.0050 area, but still only into a third leg of decline from 1.0340, which is a structure of a contra-trend movements. Notice that the pair is still above the rising trendline from the 2012 low, and also above the 0.9930 critical level of wave X). With that said, it would be too soon to call end to a bullish period and look to a lower USD/CAD. We still see current pull-back as wave B) that is part of a complex double zig-zag in wave (E). An impulsive reversal higher next week, back to 1.0200 would suggest another leg higher, this time to 1.0440 trend-line resistance where we would be looking for an end to a corrective wave (E) of X triangle, as shown on the weekly chart.
Only a sharp fall through 0.9930 would require a different outlook (ALT on the chart).
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USD/CAD Could Look For A Support At Trendline From 2012 Low
Published 05/06/2013, 04:15 AM
Updated 07/09/2023, 06:31 AM
USD/CAD Could Look For A Support At Trendline From 2012 Low
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