donaldsaw
Short

Is it finally time for the Looney to drop?

FX:USDCAD   U.S. Dollar / Canadian Dollar
Hi All,

This pair has been very frustrating of late and from what I have seen, it is a bit of a rouge pair as it doesn't follow the DXY             basket movements even though it accounts for 9.1% of it's movements. With that in mind, CAD must be the corrective pair in the DXY             as it does the opposite to EUR and CHF which explains the rouge / corrective nature that the Looney is.

However, it does look like it has come to an end based on my EW count as listed below.

Updated count:

Overall count I have is a Flat correction (3-3-5) broken down like this...

Wave A: 3 Wave ZZ correction
Wave B: 3 Wave Flat correction

Wave C: - Ending Diagonal or an ascending triangle (5 waves broken down into 5 x 3 corrective waves)
Wave 1: Double ZZ (WXY)
Wave 2: Flat Correction
Wave 3: Double ZZ (WXY)
Wave 4: ZZ Correction
wave 5: ZZ Correction (Key thing to note here is that wave A vs. C has now hit 100% which is a key termination point so possible reversal could be in play)

I am not looking for short entry for a possible BIG short to target 1.15720.

Keep an eye on this one for sure...

Good Luck!
Don


Trade closed: target reached: Update count coming shortly - Good pips gained.
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