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USD/CAD - a Gartley Trade Idea

After seeing a bullish break out from a falling wedge 2 weeks ago, USD/CAD looked poised for a continuation of its uptrend that can be traced back to Sept. 2012.

(USD/CAD 4H chart)

However it stalled at 1.1187 and consolidated last week.

This consolidation is so far coming in an ABC manner. It resembles a Gartley pattern as the latest swing nears 61.8% retracement of the breakout swing.

Around the 61.8% retracement, 1.1015 level, is also a pivot area so we might anticipate some support here. 

If we do see prices stabilizing here, I am considering a buy with modest expectation to retest the 1.112 area.