Continued Weekness in the USD/CAD Short Potential
USD/CAD continues its slide and pullback from the last large daily Wave formation. It appears we are still in the "C" Wave. As long as we can stay under the current trend line we could see levels around 1.1400 in the Long Run which would be the .618 FIB retrace level.
This should be supported by the rise in oil and my belief that we are headed to $55 - $65 OIL.
Levels to watch and potentially enter short on would be a pull back to the current trend line.
WARNING - A break of the trend line and a break of the current "B" Wave high would cause me to change my mind on the pair.
This should be supported by the rise in oil and my belief that we are headed to $55 - $65 OIL.
Levels to watch and potentially enter short on would be a pull back to the current trend line.
WARNING - A break of the trend line and a break of the current "B" Wave high would cause me to change my mind on the pair.