Thursday, November 27, 2014

Is Usdcad Ready For The Bullish Resumption?

If you want a comprehensive analysis on Usdcad, you can read the one I did on 20th of this month. The analysis supports a bullish move.

The recent bearish movement we had ( if completed) is a bearish complex correction and I expect Usdcad to rake high to 1.1850 ( more than 500 pips away) in a new bullish motive wave.

Coupled with the fact that Usdcad has a very strong negative correlation with Oil price which is dipping so fast, I won’t be surprised if the move is very fast to the north.

I will wait for an intraday retracement to 1.1310-1.1300 before taking a long bullish adventure on Usdcad

Meanwhile, I have a new wave count which doesn’t contradict my bullish bias

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