Chart courtesy of Dynamic Trader. Data provided by Reuters Quote Center.
Good afternoon. Once again I apologise for the late post but I can tell you that I managed to recover all my files from my old battered laptop and that is now ready for the dustmen to collect on Thursday morning. Importantly I am now up and running again so the posts from now should not be so late in the future.
Ok, the chart above is the daily USDCAD pair. Last week we were just short of 1.618 for the possible wave 3. If the pair continue to move downward toward either 0.382 or 0.50 and settle there before dealing above the local high point with a volatility breakout then this could be the beginnings of a wave 5 and if that is the case you might want to consider a bullish bias for possibly some time. Idealy we would like to see a candle reversal at the fibs.
If we dont go to the fib lows but then start the uptrend again then it is likely wave 3 has not completed and we could expect to see 2.618 being pestered.
Keep a close eye on this pair. I mentioned it originally late last year at the beginngs of wave 3 and we went up about 700 pips since then. If we have a good set up on this for potentially a wave 5 or extended wave 3 then dont miss out.
Before placing this or any other trade, please ensure you do your own analysis and are happy with your decision before taking a position on the market.