cfetrader
Long

Potential USDCAD reaction

FX:USDCAD   U.S. Dollar / Canadian Dollar
88 0 3
The corrective wave sequence appears complete and in addition to the fact that prices are testing the lower boundary channel line, there is a good chance of a reaction towards first Tg1 the Fibonacci 23.6% retracement (coinciding with the upper channel line) and also Tg2 the 38.2% retracement at a later date. If Tg1 proves strong as a resistance, then there is a 121 bearish pattern possibility that will cause the descending trend continuation.
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