jdemunter
Short

Usd/Cad : Ready to turn

FX:USDCAD   U.S. Dollar / Canadian Dollar
From the 1.2460 low, price has been choppy with lots of overlapping waves. This is corrective price action. The corrective pattern here is a double three where the first (w) and third (y) wave are double threes aswell. The most common price relations between waves W and Y inside double three are 100% or 76.4%. In this case, both waves Y on 2 levels have the same 100% extention level. Add to this that the 50% fib retracement from the 1.4689 - 1.2460 decline comes around this level aswell and you got some serious resistance! Keep your eyes open next week for a turn and later a break of 1.3256 and the blue trendline for confirmation. Good luck !
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