USD/CAD Mired in Choppy 4th Wave Action
Chart Prepared by Jamie Saettele, CMT
-“USDCAD has broken through resistance, indicating potential for the long term bull move to reassert.”
-“The cited support was never reached but the bull trend has reasserted. Watch the March high for support at 1.2834.”
-“This level (1.2834) was never reached either as USDCAD made low on 7/29 at 1.2860. Allowing for consolidation between here and the median line, look higher.”
-USDCAD reached the median line and bounced. From an Elliott wave perspective, USDCAD is at risk for a 4th wave correction into 1.2800. Ultimately, the lower parallel on this structure may provide support.