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I am currently working as a Market Analyst at the Trinidad and Tobago Unit Trust Corporation. I was previously responsible for the TTUTC Universal Retirement Fund. I am a graduate from the University of the West Indies with a Bsc. in Actuarial Science. I am currently completing the CMT... More
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  • CTA 15-Oct-13 USDCAD 0 comments
    Oct 15, 2013 7:59 PM | about stocks: FXC

    (click to enlarge)


    MAIN VIEW (Green)

    USDCAD appears to be in a triple three wave pattern, with the most likely wave count being a triple zigzag. Wave X', the 2nd connecting 3-wave, ended @ 1.03338 and the wave Z is expected to end near 1.048. Momentum indicators appear to confirm with this count.

    Trade idea:

    Buy USDCAD @ market (1.03772) with a stop @ 1.03338 (0.42% loss) and targeting 1.048 (0.99% gain). Risk/Reward = 2.36.

    ALTERNATE VIEW (black)

    The final wave (NASDAQ:Z) may be a flat rather than a zigzag. With wave (a) completing around 1.04232 and USDCAD will decline to complete wave (b) near 1.0337. Momentum indicators have not confirmed this move as yet.

    Trade idea:

    Short USDCAD @ 1.04232 with a stop @ 1.045 (0.26% loss) and targeting 1.0337 (0.84% gain). Risk/reward = 3.23.

    Themes: Loonie, Canada, Canadian Dollar Stocks: FXC
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