The USD/CAD made a false breakout from the wedge which has defined price movement in this pair for the past several months. I am still confident the price will revert topside but I think it is likely that price will fall just beneath the recent support at 1.042 before it does. This move coincides with USD weakness I expect across most of the majors (except GBP) for the rest of the year. The five wave move from 1.02 is clearly impulsive and the price action is clearly corrective so it is highly probable that price will eventually breakout in an upwards direction. Look to buy at 1.036 with a stop at 1.02.
No comments:
Post a Comment