Wednesday, July 6, 2016

Usdcad: Intra-day Updates

The chart above was used in the last update (READ) as we got in time to follow as price broke above the diagonal upside. We targeted 1.300 and price skied above it. We expect a correction and 1.300-310 are very crucial level to get it.

The chart above shows the correction already taking place.

A 5-wave up, a 3-wave down. Can we get that and where is the most probable?

We may see the correction goes as deep as 1.2920-40.

We will wait to watch what corrective pattern will emerge at that important intra day level.

The markets will even be more volatile in the coming days as there are some price-moving economic releases. Elliott wave and other technical tools will definitely equip us with the necessary advantages.

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