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Chart of the Day:
USD/CAD Swing Point
Overall View: Looking for a low of red wave II around the 1.0350 zone.
4 Hour Chart Flows: Mixed. Price Points: 1.0205. Looking for: Low of a complex wave II
Momentum: The cad's trend moved Short on November 16th, and is on a roller coaster pattern, with no real strength either way. The pair can be just as easily be bought as sold.
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TheLFB Charting: USD/CAD 4 Hour chart view
Elliott Wave: The Canadian dollar reached new lows recently (as seen on the chart above), in our Short, black wave C), as expected. The market hit the 1.0350 region in a very complex correction of a red wave II that may now be complete. If the dollar index strengthens, and crude oil prices drop, the Canadian dollar offers a technical reversal opportunity of a move towards the red wave I top at 1.0870.
Technical traders will be aware that prices must not fall below the 1.0205 support region, otherwise the wave count will be invalidated.
CAD/USD-cad296.2.gif" target="_blank" rel="nofollow">TheLFB Charting: USD/CAD Daily chart view
Daily chart trend: Mixed. Main price points: 1.0205, and 1.0868. Looking for: A Long wave A)/1)
USD/CAD has been slow and choppy for the past few weeks, as the upper trend-line of a channel held as good support. This may be a signal that the black wave A/1 bottom is in place, and that a Long wave B/2 correction with a blue sub-wave A)/1) is underway.
The market needs to break through the 1.0868 resistance to confirm a bullish continuation.