The larger C wave rally in the USDCAD should eventually exceed 10866. Near term consolidation could be a small 4th wave (perhaps a triangle…watch the Elliott channel for support). If so, then a pop higher in wave 5 probably takes place early next week. Once complete, we’ll be able to buy the setback.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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