Alternative view coming into play

FX:USDCAD   U.S. Dollar / Canadian Dollar
293 5 2
05/02 - 2014 UPDATE

This is an update for my previous usdcad             idea
but this is not a long usdcad             idea, but more of a short (FX) commodities idea
(look below for more charts).

I wrote in my previous usdcad             idea "Alt. view would be that this 5 waves advance is wave A
in a 3 legged C wave." and it looks like this is turning out to be the case.

We reached the min target at 1.0900 and have now put in a long legged doji
at the 61.8% fib. As it stays above this weeks low, we should see new highs
towards 1.16-17.

This is in line with me view that commodities and FX commodities are
about to start another decline for new major lows.
Check out my other ideas about gold             , nzd, aud and oil             .

Follow all my demo trades at
Good luck!

Related Ideas

update, looks like there is more downside to come.
Great Work, I am in. The only problem is that UsdCad long is a very crowded trade, maybe last fall frustrate traders and eliminate the population. Otherwise there is no change in the bullish outlook.
traderWgun muratsoydan
Ture, basically I think the next decline in aud nzd & cad will complete a major cycle, so it may be crowded, but I don't think it's crowded. DailyFX:s SSI showed that there is 1.73 longs for ever short,
and according to them, the ratio has to be >2.0 longs for every short for the trade to be "crowded"

Good luck!
muratsoydan traderWgun
Hi, I am also following the SSI index, but I think the more important thing is that the weekly change in Longs or Shorts, because overall posititioning does not change quickly, but if weekly change falls dramatically it is a good time to take a position. In this sense Usd/Cad longs increased %7.1, and it is not low. By the way I am also waiting for a decline in NzdUsd, but it seems it will go upside more before a downfall. Keep up the good work.

daily hidden bullish divergence

regular bullish divergence

1H count C=.764A

cadchf, and update for my last idea
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