Usd/Cad Bullish
4 Hour Chart Flows: Long. Price Points: 1.0448. Looking for: Wave I) top
The Usd/Cad found the support for the fourth time at 61.8% Fibonacci level, since November 11th when this support region was first hit. As the U.S. dollar index reversed powerfully from the 74.00 region driven by a lower S&P, oil fell towards $72 per barrel, the Cad obviously bounced powerfully from 1.0448 area, where recent lows were hit.
As such, we are looking for a completed, complex (W)-(X)-(Y) correction of the Short red wave II at the 1.0448 zone. The market is currently testing the wave (X) highs near 1.0730 region where wave I) may find the top, so a near-term pull-back into wave II) may be expected, before the market trades much higher again.
The wave count, with a bullish view remains valid as long as the 1.0448 bottom of wave II holds.
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