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Chart of the Day:
Overall View: Bears in progress.
4 Hour Chart Flows: Short. Price Points: 1.0200. Looking for: A Short, wave 5)
Momentum: The cad's trend moved Short on November 16th, and has been a roller coaster pattern ever since, with no real strength either way. The pair can be just as easily be bought as sold.
Elliott Wave: USD/CAD reversed 120 pips after the 1.0412 top was hit. In that area, our wave IV was completed, and now we are looking for a push into a lower wave V that may reach the 1.0200 zone, where a turning point may appear.
This may be an up-side, long-term turning point, which could follow the ending diagonal in the wave 5) position that will complete a larger black wave A/1 (shown on our daily chart).
A confirmation of a near-term up-trend is comes once the 1.0412 top is taken out.
CAD/USD-cad307.3.gif" target="_blank" rel="nofollow">TheLFB Charting: USD/CAD 4h view
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