AbhishekHSinghCMT
Long

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

Trading@1.3195
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

Trading@1.3230
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

Trading@1.3268

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.
snapshot
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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