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21 Apr 2015
USD/CAD bullish above 1.2330 – EW-Forecast
FXStreet (Barcelona) - Gergor Horvat of EW-Forecast, shares the technical outlook for USD/CAD, warning of a possible bullish turn.
Key Quotes
“USDCAD fell sharply last week so obviously corrective wave (4) is much bigger and more complex. An updated count shows break down out from a triangle placed in wave B), so wave C) is now in play; final leg of a contra-trend move from 1.2833 high.”
“With that said, bullish turn may still follow in the future, maybe already at the start of the week as wave C) reached important equality level compared to wave A). If pair will bounce in five waves and go through 1.2330 resistance that this would be new chance for bulls to take control.”
Key Quotes
“USDCAD fell sharply last week so obviously corrective wave (4) is much bigger and more complex. An updated count shows break down out from a triangle placed in wave B), so wave C) is now in play; final leg of a contra-trend move from 1.2833 high.”
“With that said, bullish turn may still follow in the future, maybe already at the start of the week as wave C) reached important equality level compared to wave A). If pair will bounce in five waves and go through 1.2330 resistance that this would be new chance for bulls to take control.”