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USD/CAD: Move Toward 1.31

By Alexandros YfantisForexMar 13, 2018 01:06PM ET
www.investing.com/analysis/usdcad-move-toward-131-200297728
USD/CAD: Move Toward 1.31
By Alexandros Yfantis   |  Mar 13, 2018 01:06PM ET
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USD/CAD continues to respect the bullish channel it is currently in. Support at 1.28 holds, while price today managed to go toward 1.2865-75 where the previous support (now resistance) is found.

USD/CAD's Bullish Channel
USD/CAD's Bullish Channel

A new move above today’s highs will strengthen the bullish scenario as price would have made a higher low and a higher high. In Elliott wave terms, the form of the decline does NOT have an impulsive structure (so far) supporting the bullish scenario that the correction has ended and the next bullish wave higher has started from 1.28.

USD/CAD's Bullish Scenario
USD/CAD's Bullish Scenario

A break below and out of the bullish channel will cancel my chances for a move towards 1.31. My longer-term view remains bearish for USD/CAD but I believe we could still have another tradeable bullish run to 1.31 from current levels.

Long-Term Bearish View
Long-Term Bearish View

Thank you for taking the time to catch up on my thinking.

USD/CAD: Move Toward 1.31
 

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USD/CAD: Move Toward 1.31

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