#13175

New Post has been published on https://worldwide-finance.net/analysis/trade-idea-usdcad-sell-at-1-3175

Trade Idea: USD/CAD - Sell at 1.3175

USD/CAD – 1.3105

Recent wave: Only wave v of c has ended at 0.9407 and wave C of major A-B-C correction is underway for headway to 1.4700

Trend:  Near term up

New strategy             :

Sell at 1.3175, Target: 1.3020, Stop: 1.3235

Position: –

Target:  –

Stop:-

The selloff after meeting renewed selling interest at 1.3388 suggests early rebound from 1.3019 has ended and a retest of this level would be seen, however, break there is needed to signal early decline from 1.3599 (b leg top) has resumed and bring further fall to 1.3000, then 1.2940-50 but oversold condition should prevent sharp fall below 1.2900.

In view of this, would not chase this fall here and would be prudent to sell on subsequent recovery as 1.3175-80 should limit upside. Above 1.3212 (previous support) would prolong choppy trading and risk rebound to 1.3250 and possibly test of 1.3295-00 but reckon upside would be limited to 1.3335 resistance and price should falter well below said resistance at 1.3388. 

To recap, wave B from 1.3066 is unfolding as an a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c is a 5-waver with i: 1.1983, ii: 1.2506, extended wave iii with minor iii at 1.0206, wave iv ended at 1.0781 and wave v as well as wave iii has ended at 0.9931, hence the subsequent choppy trading is the wave iv which is unfolding as (a)-(b)-(c) with (a) leg of iv ended at 1.0854, followed by (b) leg at 1.0108 and (c) leg as well as the wave iv ended at 1.0674. The wave v is sub-divided by minor wave (i): 0.9980, (ii): 1.0374, (iii): 0.9446, (iv): 0.9913 and (v) as well as v has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated target at 1.3700 and 1.4000 had been met and further gain to 1.4700 would be seen later.

New Post has been published on https://worldwide-finance.net/analysis/trade-idea-usdcad-sell-at-1-3175

Trade Idea: USD/CAD - Sell at 1.3175

USD/CAD – 1.3105

Recent wave: Only wave v of c has ended at 0.9407 and wave C of major A-B-C correction is underway for headway to 1.4700

Trend:  Near term up

New strategy             :

Sell at 1.3175, Target: 1.3020, Stop: 1.3235

Position: –

Target:  –

Stop:-

The selloff after meeting renewed selling interest at 1.3388 suggests early rebound from 1.3019 has ended and a retest of this level would be seen, however, break there is needed to signal early decline from 1.3599 (b leg top) has resumed and bring further fall to 1.3000, then 1.2940-50 but oversold condition should prevent sharp fall below 1.2900.

In view of this, would not chase this fall here and would be prudent to sell on subsequent recovery as 1.3175-80 should limit upside. Above 1.3212 (previous support) would prolong choppy trading and risk rebound to 1.3250 and possibly test of 1.3295-00 but reckon upside would be limited to 1.3335 resistance and price should falter well below said resistance at 1.3388. 

To recap, wave B from 1.3066 is unfolding as an a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c is a 5-waver with i: 1.1983, ii: 1.2506, extended wave iii with minor iii at 1.0206, wave iv ended at 1.0781 and wave v as well as wave iii has ended at 0.9931, hence the subsequent choppy trading is the wave iv which is unfolding as (a)-(b)-(c) with (a) leg of iv ended at 1.0854, followed by (b) leg at 1.0108 and (c) leg as well as the wave iv ended at 1.0674. The wave v is sub-divided by minor wave (i): 0.9980, (ii): 1.0374, (iii): 0.9446, (iv): 0.9913 and (v) as well as v has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated target at 1.3700 and 1.4000 had been met and further gain to 1.4700 would be seen later.