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USD/CAD Could Make A Pull-back from 1.0280/1.0310

Sameer Kapoor 27 February 2013

USD/CAD is higher, but pair could be in final stages of an uptrend in wave (iii) as we can count five waves up from 1.0000 with current fifth wave approaching to some key Fibonacci resistance levels around 1.0290.

We know that after every five waves correction follows so reversal from here would not be a surprise but pull-back will be temporary blue wave (iv) that may retrace back to 1.0150-1.0200; wave four zone of one lesser degree. Keep in mind that larger trend for USDCAD is up, so we will continue to look higher after a pull-back while 1.0087 invalidation level is not breached.