Wednesday, July 13, 2016

Usdcad: From Long Term To Intra-day Analysis

The forecast in the chart above shows that there could still be some steam upside for this pair in the long term as the B wave of a major correction is choppy and in a congestion. This congestion will more likely be a triangle corrective, so the forecast.

A triangle has 5-legs comprising zigzags and flats in some occasions or even triangle in one of the legs.
The proposed triangle is still in formation. The chart below shows a closer look.

Price has already been resisted twice at 1.3080-1.3140 and now the third time. An intra day bearish move as shown below is imminent.

The chart above shows that 1.3140 is the level of ruin. Stop loss should be placed there. Price may not return exactly at 61.8% fibo retracement level. A brief spike above it could happen.

See you in the next update.

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