USDCAD LT Fib Level and Symmety

FX:USDCAD   U.S. Dollar / Canadian Dollar
66 0 3
THE BIG PICTURE: A measurement of the down leg dating from 2002 to 2008 produces a 50% fib level right around 1.27. On two occasions the loonie found the sellers willing to overcome the buying at that important fib line. Something else to note is the symmetrical appearance of a potential move away from point D which would replicate the move from point B. The diagram shows that a replication of the move from point B to C will give a risk to expected return worthy of attention. The triangle also shows the duration of time it should take to reach point E should the previous move be imitated. The double bottom appears to be the adam and eve variation where the first low is a spike bottom with the second bottom being more of a rounded bottom.
THE TECHNICAL STANDPOINT: As long as price can stay below the 1.27 level our focus should shift to entries on the short side of the market while ignoring long signals. This can carry on into the next year as long as lower highs and lower lows continue to develop on the smaller timeframes. Risk is limited to just beyond the fib level. A violation of the fib level may be a fake out since this idea ties in with the short idea mentioned for DXY             .
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