USD/CAD: Third bullish breakout of corrective structure?
On the weekly charts we might be forming a double top which suggests the up trend could continue.
On smaller timeframes however we could see some resistance from the 61.8 retracement of the last big move down (a good retracement from that level could put us on the way to search for possible advanced harmonic patterns). I am however currently not considering a trade based on a possible fib bounce, I think I will wait for more confirmation...
I will be searching for a possible bullish breakout of the current corrective structure on smaller timeframes and possibly for a bearish breakout of the current up trendline seen here.
On smaller timeframes however we could see some resistance from the 61.8 retracement of the last big move down (a good retracement from that level could put us on the way to search for possible advanced harmonic patterns). I am however currently not considering a trade based on a possible fib bounce, I think I will wait for more confirmation...
I will be searching for a possible bullish breakout of the current corrective structure on smaller timeframes and possibly for a bearish breakout of the current up trendline seen here.
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