INTRA-DAY TRADING
After the rise so far, I see completed wave 5, so a correction would be appropriate...however, it can be of variable depth as indicated on the chart.
After the rise so far, I see completed wave 5, so a correction would be appropriate...however, it can be of variable depth as indicated on the chart.
Comment:
USDCAD has ended its correction.
If Daily closes above 1.38226, this week's high should be above last week's high.
If Daily closes above 1.38226, this week's high should be above last week's high.
1.272% FIB of the AB route was achieved today and I expect 1.38% to be achieved on Monday (green box).
If the daily candle fails to close above 1.39, there is a strong possibility that the trend will reverse with a target below 1.27.
But if next week closes above 1.39 then I will have to discard this setup and do a new TA.