USDCAD - Short Possibility (Elliott Wave)
Currency: USDCAD
Frequency: Daily
Predicted Direction: Short
USDCAD followed the Bearish consolidation after BOC raised the benchmark I.R by 25 basis point to 1% (2nd time 2017). The strength of Canada's growth will support further rising of I.R in 2018.
I expect the price will test the psychological level of 1.20 soon and then it will have a corrective wave to Wave 4, providing a short opportunity at approx. 1.22/23.
Short: 1.22/23
Stop Loss: 1.25
Target 1: 1.18020 - 1.19785 (Support Zone)
Target 2: 1.15360 (61.8% Fib)
Frequency: Daily
Predicted Direction: Short
USDCAD followed the Bearish consolidation after BOC raised the benchmark I.R by 25 basis point to 1% (2nd time 2017). The strength of Canada's growth will support further rising of I.R in 2018.
I expect the price will test the psychological level of 1.20 soon and then it will have a corrective wave to Wave 4, providing a short opportunity at approx. 1.22/23.
Short: 1.22/23
Stop Loss: 1.25
Target 1: 1.18020 - 1.19785 (Support Zone)
Target 2: 1.15360 (61.8% Fib)
Comment:
Comment:
The price completed the minor corrective wave 4 and reach our selling zone of 1.22/23. USDCAD will soon to test the lower of the support zone and hit the first target