Wednesday, September 21, 2016

Forecast: Expanding Triangle In Usdcad?

We expected a good dip in Usdcad according to our forecast at the beginning of the week.
Price didn't move just as we had wanted (our pattern was not completed) though there looked like a break downside. So we were on the sideline, probably waiting for where to take a bullish opportunity.

Seems price is showing signs of a sideway movement in the form of an expanding triangle.

Expanding triangles often happen at the 4th wave of an impulse wave or b-wave (second leg) of a 3-wave correction.

Price may dip further to 1.3129 and we can watch the response of price to that level.
If price is supported at that level, there maybe even a stronger bullish drive than the one we had last week.

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