USDCAD can still manage a move towards 1.31

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.


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