USDCAD- (a)-(b)-(c)-wedge pattern-LS

FX:USDCAD   U.S. Dollar / Canadian Dollar
264 0 8
L-S --- Long First & Later Short

From lows@1.2822- UCAD is could be forming (a)-(b)-(c) structure where is (c)-wave is a wedge pattern. In that wedge pattern- it is running into its final leg-(5) th             wave

Taking Longs- one should be in longs with critical support@1.3139 for targets lesser than 1.3405 why? - if UCAD moves above 1.3405 then it will become more in distance than (3)rd-wave of wedge pattern which is not permitted -In that case, this pattern will go into bin or it will be no more valid.

Taking Shorts- once these internal- (5) waves get completed - reversal is going to be sharp with key resistance above 1.3405 as discussed above or let UCAD break swing low@1.3139..

Target for Shorts - Should be 1.3000 & going below it could be 1.2822 lows

Trade active: 19:45 Hrs 11th Oct2016

40 pips up - moving in the desired direction likely UCAD should kiss 1.3320-1.3330 zone which is resistance offered by (1)-(3) trendline -It can over shoot also & go close to 1.3400 handle but be careful -it should not cross 1.3405 handle otherwise wedge will become invalid.
Trade active: 23:26 Hrs 11th Oct2016


Now we are 75 pips up & looks like we will kiss the zone 1.3320-1.3330 & get the resistance from 1-3 trendline. Remember UCAD can also shoot above that line due to anxiety so try as musch possible to book the profits.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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