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USD/CAD Bullish Set up

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Sep 02 2010

Hey traders!

Usd/Cad moved higher as expected on Monday when I was discussing about a bullish set-up. In fact, the pair reached new highs, but just for a few pips, which of course makes me think that this is not it; and that are still bulls out there waiting for us.

On the updated chart below you can see that since the 1.0665 was reached for the first time, the pair was unable to move and close above that level. As such, it seems that this whole price action since 25th of August is corrective, a flat pattern with wave c) in process. A structure of a flat pattern is 3-3-5, and if our wave count is correct then the final move into the low was a black wave 5, sub-wave of a red wave c) of a larger wave (ii). Break above the 1.0545 wave (iv) top should be very important…

Disclosure: LOng