USDCAD is moving nicely higher since April 12 where pair showed us signs of a bottom because of an impulsive turn into wave 1. So we were bullish on USDCAD, but these move can be coming to an end now because of price advance into a fifth wave; final leg of an impulsive structure. Also, we see pair at upper resistance line of an EW channel which can represent first resistance near 1.3580, while next one is seen near 1.3680.
Nice count and very similar to mine count. I have however think the 5th wave is about to terminate so a short opportunity could become visible so I'm looking out for that.
Thanks for sharing
ew-forecast
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@donaldsaw, well either way a reversal may follow in the near-term
No problem, and thanks!
ACRO
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@ew-forecast, Good analyze regarding USDCAD. From your point of view, at which level can we get a confirmation regarding a possible reversal? For us the move up seems quite strong, as many were short and added negative news regarding US ban regarding goods from Canada supporting this move. However, the trade from our point of view looks a bit crowded and late shoppers have might joined the ''late party''.
ew-forecast
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@ACRO, Well a upside can be limited at the upper channel line or if price continues strong.. then the next resistance is at 1.3680.
Thanks for sharing