USDCAD (start of 3rd impulse wave?)

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             has been consolidating sideways for a number of days now. We believe that it will start to move higher now as it has already retraced 50%, plus posted a bullish pinbar. USD CAD has a lot more room for the upside and this could perhaps be the start of the 3rd impulse leg which often is the sharpest and the most potent.

The first area of support is at 1.08121, followed by 1.07910 and then finally 1.07560. If it breaches 1.07560 then the bias can turn bearish as the alleged impulse wave structure will be broken.

The first area of resistance is at 1.10462, followed by 1.12290. If this is the start of the 3rd impulse wave then we can go a lot higher than these current resistance levels.

So brace yourselves

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