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USDCAD: On the Radar

Usd Cad Forex
USDCAD
28 August 2013 at 5:02:00PM AEST

USDCAD is the one that should be on the radar screen in the next few sessions as...
USDCAD 1 Hour Chart  (»See 4H Chart)
Wednesday, 28 August 2013 at 5:02:00PM AEST

USDCAD is the one that should be on the radar screen in the next few sessions as pull-back from the highs unfolded very nicely and so far found a support at 1.0470 as highlighted in our past updates. Keep an eye on impulsive rally through the corrective channel, when market will open room for 1.0600 in wave 5.


4Hour

USDCAD 4 Hour Chart
Wednesday, 28 August 2013 at 3:53:00PM AEST – correction within uptrend

On USDCAD we are tracking an impulsive price action from around 1.0280 which is still incomplete as we need five waves to the upside. In fact, in this week we have seen only a three wave set-back from the latest swing high which is a corrective structure, so we think that larger uptrend will resume soon as we labeled current retracement as wave 4, so wave 5 is epxected to reach a new high, ideally 1.0620/1.0650 later this week. This leg up could start soon if we conisder that pair already reached a very typical 38.2% retracement area.

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