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USD/CAD: c-wave of a-b-c likely to descend

   
The USD/CAD pair is in a strong up-trend which is expected to continue since there are no signs of reversal.

A break above the current highs at 1.3175 would probably lead to a move higher, up to resistance from the the R2 Monthly Pivot at 1.3229.

The current pull-back looks like an incomplete a-b-c correction which could yield a trade down in a final C wave. The exchange has also broken below the monthly pivot at 1.3134 and whilst it is pushing back up against its resistance currently, it will probably resume its descent eventually, pushing down in a final wave lower, with a break below the 1.3115 lows confirming a move to 1.3085 – although this is a high-risk counter-trend strategy.
USDCAD04

   
The USD/CAD pair is in a strong up-trend which is expected to continue since there are no signs of reversal.

A break above the current highs at 1.3175 would probably lead to a move higher, up to resistance from the the R2 Monthly Pivot at 1.3229.

The current pull-back looks like an incomplete a-b-c correction which could yield a trade down in a final C wave. The exchange has also broken below the monthly pivot at 1.3134 and whilst it is pushing back up against its resistance currently, it will probably resume its descent eventually, pushing down in a final wave lower, with a break below the 1.3115 lows confirming a move to 1.3085 – although this is a high-risk counter-trend strategy.
USDCAD04



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