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Chart of the Day: Usd/Cad Ending Diagonal

Published 12/31/2000, 07:00 PM
Updated 01/14/2010, 04:00 PM
USD/CAD
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CAD/USD
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Chart of the Day:

USD/CAD

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 ChartingUSD/CAD 4h view 

 

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