USDCAD: Temporary Pullback In View

FX:USDCAD   U.S. Dollar / Canadian Dollar
We should be tracking USDCAD             very closely today ahead of the BoC             statement and rate decision. On the hourly chart we are looking at impulsive decline that can continue to around 1.2600 level, but would love to see a three wave retracement up into wave 4). Ideally any bounce will slow down at 1.2850-1.2920 area.

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Greg are you expecting a set back here as it looks like it is complete pattern
Hi there Greg, Just looking at your count and it appears that black wave 4 (April 6; 1400hrs) goes into the territory of black wave 1 (April 5; 2300 hrs), cheers Mike FD
+1 Reply
Yes that type of overlap(wave 4 goes into territory of wave 1) we call a Leading diagonal, that can only appear in wave 1 of an impulse or wave A. It is a wedge shape within two converging lines, but on this count we did not include them(converging lines), my mistake.
myklfd ew-forecast
Yea OK
Greg, as a former member I demand some attention, with Doha being rejected what does this mean for the Canadian dollar you've got a fifth down, doesn't look like this is going to happen Jesus Christ?
TomPower TomPower
okay It reversed just before the invalidation level alright you are Vindicated. That certainly surprised me, I'm out but it is a bit of a testament to your work sir.
+1 Reply
Yes USDCAD continued nicely into the fifth wave. Maybe now we can see a bearish recovery. No problem sir, we just want to do the best possible analysis we can.
+1 Reply
Can we mark yesterday`s little break as wave 5 from 3?
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Yes, we are now already in wave (4), unless we see an overlap with invalidation level. In such case count will be adjusted. Temporary low could then be in place.
+1 Reply
Greg, I know you have a downside Target that will reach lower butt following another guy who figures oil will go down and test the Low's again, dude you see any sort of scenario. Because of his great advice I'm sitting on a negative $700 short
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