$GBPCAD has been kind to us in terms of letting the Predictive/Forecasting Model remain tethered to the actual price action - See the following frames illustrating the prior successful forecast:
$GBPCAD-4Hour Chart: 6 months ago
SOURCE: "$GBP v $CAD - Completes; Model Eyes 2.08057 "
Today, we are returning to this pair as we consider the #crude #oil correlation this is likely to submit to. As you may already know, the $CAD is highly correlated to the price of oil . As I have provided in the recent analyses with $USOil ( Crude Oil pricing), an interim rally was called to reach 42.57 - Following are the frames that define the imminent hit of that target ... The dates of the chart are inscribed within the top-left corner:
SOURCE: "Anatomy Of A (limited) Retracement"
As of today (14 APR 2016), the 42.57 target remains pending and quite imminent, as price engaged into a consolidation pattern. Now, considering the correlate in $GBPCAD , where the positively correlated $CAD is thus expected to decline with the expected reversal in $USOil, the result would carry $GBPCAD to the levels define, namely the Fibonacci's 0.386, 0.500 and 0.618 in order of decreasing strength of probability of attainment:
The dashed arrow offers a probable pathway with pre-defined R/S levels.
Predictive Analysis & Forecasting
Durango, Colorado - USA
Linked-In: David Alcindor
As forecast, $GBP vs. $CAD hit its first high-probability target, based on the Fibonacci core internal retracement levels (38.6, 50 and 61.8%) - Analysis and forecast is also triggered based on market geometry offered through the completion of a WW/Geo and based on the Predictive/Forecasting Model which sees comparable targets:
David Alcindor, CMT Affiliate #227974
PS: I offer a private course to advanced technical traders - Only 1-2 students per month, since this is an open-ended course in which I reveal all proprietary patterns and methods, including the "secret" method I have been using to predict and forecast all and any financial markets - If interested, take a look at the generic course outline (each course is tailored to the student, based on proficiency level) here: http://bit.ly/1U0tIka - David
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
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I'm looking forward to seeing how this will pan out. On the contrary it's interesting that your bearish view on USDNOK remains. I have no knowledge on the Canadian economy, but on first glance I would say it's in better shape (and central banks aren't looking to cut rates further) than the Norwegian economy.