Friday, November 14, 2014

Usdcad in a Complex correction

On tuesday, 11th November, I posted an analysis of this pair and I stated the reason why price is on a bearish correction.

The move form 26th July has successfully completed a 3-wave or 5-wave impulsive move, and we are expecting and end of wave 5 or wave 4 correction. 

In either case, there is a correction and the market is expected to dip to the region of 1.1215 and 1.1140 ( 38.2 and 50 % retracement of wave 3 respectively)

Before the close of yesterday, we saw wave 4 forming a complex correction ( double zig zag) breaking 1.1370 intra day resistance ( check the intraday chart below ) , and immediately pull back to expectedly continue the dip. 

Price has previously moved down in my favour to take 90pips but no profit was taken as price hasn't dipped to any of my targets yet.

I still hold my sell with stop loss reduced from 95 pips to 40 pips. we should see more action next week. It's time to enjoy the weekend 

 I will update you as price advances. 

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