USD/CAD, H4 - accumulation phase after simple correction?

After significant depreciation of the Canadian Dollar, the pair has created a potential ABC simple correction. Wave C seems to be almost equal to wave A what is very important from the market geometry point of view. What is more, wave C has stopped near potential support at the recent top.

If the level of 1,3995 is defended we may expect an accumulation phase before another upward movement. Only the drop below mentioned potential support may open the way for further appreciation of the Canadian Dollar.

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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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