Update USDCAD: Possible New Uptrend? Or Still Trending Down?

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Three weeks ago last month on Feb. 29th, I posted on this pair and at the time, I was still waiting for prices to drop into a "critical area" where I thought would be a high probability of a reversal to happen. Here's that chart I posted back then that showed where prices were at the time. At that time, I was still waiting for prices to drop more into the "critical area" before considering any long positions.

Feb. 29th DAILY CHART

Here's the updated Daily Chart. In this chart, you can see that prices dropped right into my "critical area" and has now started to reverse. Can we call this the end of the down trend in what will be the wave (A) of an ABC correction? I would say not yet as we need more confirmation before we can say that. Confirmation will come if prices continue to rise and break back above the long standing MAJOR TL or a retrace back down towards the bottom of this down trend without breaking any lower. Then we will have a confirmation of the end of wave (A) and can safely say that wave (B) has begun.


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