USDCAD- Looks B has opened up as 3-waves internally

FX:USDCAD   U.S. Dollar/Canadian Dollar
231 0 7
The earlier B - wave was taken at 1.3248 highs, but it seems that B-wave itself be a 3-wave             sequence or it could be 3rd wave which has started from lows@1.3135

Trading Strategy-

In the first scenario where C-wave             developing -USDCAD could go below 1.3189 lows & even below 1.3135 lows -these places should be used to book profits depending on your strategy.


if larger 3rd wave has started from 1.3135 lows then also we will see some correction from current levels@1.3235 to 1.3189- likely to take support & bounce for upside move.

In both the cases -USDCAD is looking for an upside move, but with small interruptions as discussed above.

USDCAD- Critical Zone -1.3200-1.3206
Trade active: 06:50 Hrs- 21st Sep2016

As expected USDCAD to drop first atleast till 1.3189 - made a recent low@1.3179
Trade active: 21:22 Hrs- 21 Sep2016

As expected a fall from 1.3235 to 1.3135 or close by -Made a low@1.3138 & Bounced as shown, currently trading at 1.3190 - we are running with 150 pips approx + & expecting a rally beyond 1.3243 with 1.3135 as crucial support.
Trade active: 23:20 Hrs 21st Sep2016

Looking for the zone 1.3390-1.3400 & Above 1.3415-1.3420 for 1.3500-1.3550 which will complete A-B-C a larger sequence & then a fall again

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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