FX:USDCAD U.S. Dollar/Canadian Dollar
The USDCAD reacted to the Yearly last week but showed some recovery at the end of the week. I am still expecting the pair to move to the confluence of the cloud and the 50 weekly . The Chico Span is still bouncing between the 50SMA and the cloud. The target should be reached in the next two weeks and then we can trade the larger move down of the extended CD leg of the correction in August. I am looking forward to make some good profits on the larger trade down.
Hi yes the cloud does seem to clutter things somewhat making things difficult to see. The main view is the corrective ABCD wave. However, the cloud does give some extra confluence for the support/resistance and key levels that indicates that the correction could potentially only be a shallow retracement with an extended CD leg.