Monday, March 9, 2015

Usdcad Ready For Bullish Breakout?

In my last post on Usdcad, I mentioned a triangle correction. If this correction holds and break upside, I will look forward to take a buy despite my overall bearish bias.

Presently, by the intraday chart, price has completed the fifth leg of the triangle and it's now  going up.


This intra day upward move looks impulsive ( especially when viewed on the 15min chart) 


According to the wave pattern on 1hr, this first impulsive move should break out of the triangle if it is anything serious. 


The following correction should retrace to the break point of the triangle and a buy trade can be taken if price doesn't fall back to the triangle massively.




If price behaves this way, there is a high propensity of price getting to 1.2900 which a resistance level. 1.2800 is a closer resistance and we must watch how price reacts to it.


If price behaves otherwise and fall back to the triangle, more analysis will be needed as a very complex correction is at stake and care should be taken.


As price gives more data, we can see what it's next movement could be.


You can scroll down to read some of the recent analysis I did on Usdcad for better understanding

I will be here to update you.

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