JWagnerFXTrader

USDCAD May Be Supported on Dips - For Now

FX:USDCAD   U.S. Dollar / Canadian Dollar
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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.
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