USDCAD Upward continuation (Scenarios)

FX:USDCAD   U.S. Dollar / Canadian Dollar
Short term Analysis does show us a Possible bounce areas for an Upward move continuation

For now (short term) if P>1.2610 1TGT = 1.2620, SL<1.25700

TGT - target
Sl - Stop Loss
P - Price
Agree with you.Currently (10/3/2015) the first leg of the breakout in the up direction is completed. The 2nd Elliott wave is in the making. Watch for short term ABC pattern here. After, we may see a strong 3rd wave which will bring dollar to 1.3 level. This level is where there is a weekly resistance and also the Fibonacci counts validated it. Speaking about fundamentals, the Canadian interest rate is lowered a few months ago. The recent announcement of keeping the rate unchanged only made a blip on the CAD. This is a sign of weakness and a sign that the shorts are not there. Also as widely known there is a huge correlation between the Oil and CAD. Currently Oil prices are going down (2.6% loss only today). When brent oil hits back to 45-50, I assume we gona have a 75cent CAD against the dollar. It is definitely time to be long on US$ against CAD.
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