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Chart of the Day:
Usd/CadLatest Updates: Dec 30 09 03:40 EST
Overall View: Looking for a low of red wave II around the 1.0360 zone. Bullish reversal possible.
4 Hour Chart Flows: Mixed. Price Points: 1.0365. Looking for: Bullish reversal, if 1.0365 holds
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.
Elliott Wave: The pair traded almost perfectly into the 76.4% Fibonacci retracement zone (1.0360) where prices sharply reversed at 1.0365. From that low the market reacted very strongly with a move to the upside which suggests that a bullish reversal could be the case here.
We will look for an impulse bullish wave count so long as the market trades above 1.0365 support, where a corrective and very choppy wave II may be finished.
Above is one of three charts posted on this commodity to members each day, that make up thirty charts in total that cover six major currency pairs, equity futures, oil, gold, and the dollar index.
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Disclosure: Long Usd