USD/CAD - Top expected in the 1.4249 - 1.4277 area

USD/CAD - Top expected in the 1.4249 - 1.4277 area

USD/CAD - Top expected in the 1.4249 - 1.4277 area

USD/CAD has been in a relentless rally higher since the 0.9634 low in mid-September 2012, but it finally seems that a wave 3 is coming to an end in the 1.4249 - 1.4277 area. This area represents a cluster of resistance which is expected to mark the termination of wave 3 and set the stage for a larger correction in wave 4 wave towards 1.3458.

Short term, I will be looking for a test of the 1.4249 - 1.4277 area and expect a top within this area, for a break below support at 1.4048 that confirms the top is in place and a larger correction is unfolding towards 1.3458.  

USD/CAD - Thrust out of the triangle expected - Target at 1.3238

USD/CAD - Thrust out of the triangle expected - Target at 1.3238

USD/CAD thrust out of the triangle expected - Target at 1.3238 

The thrust I have been looking for the last couple of days, now looks to be developing. We still need a break above the top of wave d at 1.2664 to confirm that the thrust out of the triangle is seen. Once the thrust is confirmed the target to look for is at 1.3238.

Short term support is found at 1.2568 and again at 1.2504. Only an unexpected break below 1.2403 will invalidate the bullish count. 

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2014-05-28
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