USDCAD can still manage a move towards 1.31

Νέα θέση στο χαρτοφυλάκιο
March 13, 2018
Buy or Sell
March 14, 2018

USDCAD continues to respect the bullish channel it is currently in. Support at 1.28 holds, while price today managed to go towards 1.2865-75 where the previous support (now resistance) is found.

A new move above today’s highs will strengthen the bullish scenario as price would have made a higher low and a higher high. In Elliott wave terms, the form of the decline does NOT have an impulsive structure (so far) supporting the bullish scenario that the correction has ended and the next bullish wave higher has started from 1.28.

A break below and out of the bullish channel will cancel my chances for a move towards 1.31. My longer-term view remains bearish for USDCAD but I believe we could still have another tradeable bullish run to 1.31 from current levels.

Thank you for taking the time to catch up on my thinking.


Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.