USDCAD- look for retracement in the zone 1.2750—1.2700

8 mai 2016

USDCAD- look for retracement in the zone 1.2750—1.2700
Once the rising trendline gets broken or prices start moving below 1.2850…look for down …up (to touch the rising trendline & get resistance & fall again to complete the correction in that case my 1st wave is done from the lows of 1.2460 to 1.2951. The running correction shall be pull back wave for even larger up move beyond 1.2951.
I shall be looking for the zone 1.2700—1.2750 as the support zone & once we get bullish confirmation in that zone, we shall look for buying USDCAD for new highs above 1.2951.
Markets are very dynamic & need to analyse every moment- so kindly click like button for me to put more efforts & become market detective –which can help traders to see the path of the instrument & trade wisely not blindly.
Regards,
Abhishek H.Singh, CMT

9 mai 2016

Note

For any weakness to happen or taking short position shall be advisable only if the pair breaks rising trendline...or going below 1.2850 as suggested in the update.