As long as we stay below that March high of 1.35 then i am initially looking at a move down to the trendline at 1.30, followed by 1.25 and eventually 1.15 which is the 61.8 retracement and conclusion of the AB=CD pattern. I'm of the opinion that we are getting extremely close to seeing some CAD strength across the board, of which i like CAD/JPY and CAD/CHF which i am currently building a long position in. This theory is backed up by the seasonality, in that April is generally a strong month for the Canadian Dollar.
I would love to know anyone elses thoughts on this pair be it long or short as my patience with it is running incredibly thin.
I would love to know anyone elses thoughts on this pair be it long or short as my patience with it is running incredibly thin.
Comment:
This is the current pitchfork i am working with on the daily which has been broken to the upside. This rally may simply be a necessary retest of the underside of the long term trend line since we broke back below it in early April as highlighted by the circled areas on the chart.
Comment:
I'm not sure there is a pair that frustrates me more. I'm having a hard time grasping that the bullish flag pattern is going to play out up to the 61.8 at 1.38 but it would be foolish to ignore it following such an agressive move higher. Alternatively it could just take out a few stops right above the 1.36 level and reverse.
Good luck all and good job to those who went long.
Good luck all and good job to those who went long.
Comment:
Alot of the CAD pairs appear to be at decent support or resistance areas, expecting a bounce unless USD/CAD breaks higher
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The last 5 years in USD/CAD April has been a red month, we have 3 and a half days, i still believe,lol!!!!
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I'm not much of an elliott Waver but isn't this 5 waves up? 1.325 by Friday to give us our monthly red candle,lol
