The long term target at 1.3050 has been reached last week. This was a clear target based on structure and market dynamic.
However I expected a 3 wave correction towards this level but we only saw 1 wave indicating more USDCAD weakness to follow. However I believe that we need a bullish retrace first and I'll therefore be focusing on the reversal.
If price is not able to break below the low of last friday but shows a reversal instead I'll buy USDCAD towards 1.32 and maybe even 1.34.
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However I expected a 3 wave correction towards this level but we only saw 1 wave indicating more USDCAD weakness to follow. However I believe that we need a bullish retrace first and I'll therefore be focusing on the reversal.
If price is not able to break below the low of last friday but shows a reversal instead I'll buy USDCAD towards 1.32 and maybe even 1.34.
www.timstuyts.com
facebook.com/timstuyts/
