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Bandarsq
Jun 12, 2016 12:49 PM

Bullish Uptrend is Taking Place Long

U.S. Dollar/Canadian DollarFXCM

Description

USDCAD targets 1.36 to form wave (c).

Comment

The pair is determined to test the downtrend.

Comment

Breakout!

Comment

A more solid breakout.

Comment

The pair is still within the channel.
Comments
lawlee9
Did you consider this scenario?
Bandarsq
Yes Exactly but b in your chart is not done yet.
lawlee9
There was a 2 wave pattern from a to b, and then a break down. Wouldn't tha constitute a finalized b?
Bandarsq
abc waves should be equivalent to 12345 in terms of size of retracement. I suggest you use Fib levels.
Parabolica
Could be a triangle as well; (c) would than between 1.295 and 1.31 and (d) and (e) would follow. In any case, if (c) should develop as sketched out above, it would have to have an impulse structure consisting of 5 waves. If it is a mere 3 wave move, it'll be a triangle.
Bandarsq
The downtrend will determine it. The triangle would be too big imo.
Parabolica
I might be proven correct...
ElPatron.Y
Bandarsq
Thanks for sharing.
Hassanfx_Expert
SL please
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