USDCAD May Be Supported on Dips - For Now

USDCAD Elliott Wave pattern looks incomplete to the upside. We are anticipating dips may be supported as the 5 wave impulse finishes to the upside. Once the 5 waves are in place, then we will be anticipating a longer term top that could set up a large short trade (that is another post for another day).

For now, let's track the impulse higher.

It appears we are still in an extended wave 3 (or we just finished it). Though a set back might penetrate the black support trend line, we are anticipating prices to hold above 1.3430.

Below 1.3430 and we'll need to reassess the wave picture.

To the upside, 1.3650 would be a first target with higher levels up to 1.3850 possible if the extension continues.

Read more here.