Jaegher

Jaegher

FX:NZDCAD looks like it's about to retest the highs brought about by the last major impulse (wave 3). It broke the trendline at the 60mins and if it stays above, we could probably see a new motive wave.

Jaegher

The daily chart of USD/CAD shows a clear respect of the trendline. If the last down wave is to be counted as wave 4, we could be seeing the start of wave 5 right now. An oversold level in the stochastics would make us expect a downward price action in the next couple of days. SL would be just below the trendline.