Update: USD/CAD Intermediate-term View - Trend line resistance still

Update: USD/CAD Intermediate-term View

18 July 2014/11:26 a.m. ET

Issue # 1221

Position: Long [from 1.0671 on 7/3/14]   Trend View:  I-T ↑     S-T ↓

USD/CAD – Intermediate-term View

18 July 2014 Last 1.0733: Working off the view the “corrective low” is in place at 1.0616 and now the trend move in Major wave 5 is back in play—targeting up to 1.1400-level.  But, to add confidence we need to see acceleration higher soon in this pair!  USD/CAD pulled back this morning, testing near-term support at 1.0705 on stronger than expected inflation expectations.  As you can see, the rally to 1.0793 was clearly trend line resistance. We have some nice profit locked in on this trade so far.  But there is excellent potential for something big if the pair can break above trend line resistance…

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