JWagnerFXTrader
Long

Loonie Pauses at a Cluster of Wave Relationships - 1.2800 Key

FX:USDCAD   U.S. Dollar/Canadian Dollar
1416 25 18
The USDCAD             appears to be carving out some impulsive moves higher. This makes sense given that USOil             has been slipping lower and appears poised to revisit $45/bl.

There is a cluster of wave relationship showing up in the 1.27 handle. If we successfully break above 1.28 (I’m showing a small degree false breakout zone of 1.2800-1.2820), then I’m eyeing 1.30-1.31.
Above 1.28, prices should hold above the previous wave 1’s.

Due to the multiple wave relationships in the 1.27 handle, a dip to 1.2600 is higher probability. This would be a dip to buy and let the market dictate what happens from there from an Elliott Wave perspective.

The trade plan for the USDCAD             is simple, buy a break above 1. 2800             or a dip to near 1.2600.
This move higher into 1.2800 is not looking real clean right now. We hit the false breakout zone without a clean impulse...be mindful that a dip to 1.2600 is still possible under the original chart pattern.
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IvanLabrie PRO JWagnerFXTrader
I guess rates tomorrow will resolve this 4th.
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UPDATE: With CAD employment a snoozer - still looking for a resolution to wave iv. Key levels in the original post are still on watch.

snapshot
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Cfsqbwn. JWagnerFXTrader
It break down trendline short term..
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Cfsqbwn. Cfsqbwn.
false breakout...
+1 Reply
Yes, still waiting for a 5 wave move higher followed by 3 waves lower. Notice how in the yellow boxes below they are just 3 waves up. Until we get the 5-3, we wait.

snapshot
+1 Reply
Hi mate.. Do you thing (iv) has finished??
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Possibly - but I would prefer deeper levels. This has been a VERY VERY shallow retracement thus far. Plus, you have the 1.2800-1.2820 false breakout zone ahead of us. Entering prematurely creates a lower probability trade. We haven't broken the grey resistance line yet.

I'm looking for a small degree 5 wave impulsive move higher, followed by a 3 wave downward move to improve our bullish entry. If we immediately move up to the grey line now, that might be our 5 waves higher from this morning.

snapshot
+1 Reply
Glad to see that your opinion matches mine. I have discovered you only a few days ago and I am following you now. I had a similar analysis on Brent Oil for the last 2 months. Your fundamental cues and analytical logic regarding OIL and USD/CAD makes lots of sense. Those are the primary fields I am interested as well. Regards and looking forward for more exchange.
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Clear chart with concise fundamentals. I agree with and appreciate what you've shown here.
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