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Chart of the Day:
USD/CAD
Overall View: A near-term Short correction
4 Hour Chart Flows: Long. Price Points: 1.0720 Looking for: Bearish reversal
Momentum: The cad 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.
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TheLFB Charting: Cad 4 Hour View
Elliott Wave: USD/CAD reached a new top by around 30 pips yesterday, after the 1.0690 resistance area was taken out. This move did not impact on our wave count, becaues after the new high was hit, the pair reversed sharply and has fallen by more than 100 pips. This looks to be a start of a new, temporary Short trend in our red wave II.
We are expecting a corrective decline in wave II that may reach the 1.0400-1.0450 zone over the coming days or weeks, since we can clearly count five waves up in wave I. A corrective zig-zag, A)-B)-C) pattern is expected.
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