waleedkhan
Long

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

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out