Friday, April 1, 2016

Ahead of the NFP: Why we expect Usdcad to rally

Price after the long term bullish cycle which ended at 1.4701 showed the first sign that the bearish correction will take over.

There is an indication that after such a cycle, a motive wave should follow especially if there will be a zigzag correction.

Price, from 1.4701, dipped in a clear impulse wave which may now have ended at 1.2859 as shown in the hourly chart below.

The intraday chart below also shows the 5th sub-wave of the 'said' impulse wave is a clear impulse wave of its own.

Price has now rallied above the 4th micro-wave of this 5th sub-wave.
We expect the rally to continue to 1.3298 and if deeper, could go to 1.3540.

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