I dont actually trade the canadian dollar called the loonie but there was a cry for it from clients that makes me want to have a look on it then when i saw it i said oops who could have guess i said i should rally the troops and let every one knows about it.
patterns on differnt canadian dollar crosses indicate a high probability that the loonie will fall across the board let us take a look at the cad/jpy first
there have been series of lower lows and lower highs since the november 2007 top at 125.55
declines have occurred in 5 waves and advances have unfolded slowly as complex corrections (w-x-y). The trend is considered down as long as price is below 109.62. The minimum objective is below 95.68 but additional objectives are at 94.61 and 89.73 (Fibo extensions). but i will wait for a break 100.95 then i will pull the trigger.
eur/cad
The decline from 1.6324 (March high) in the EURCAD is viewed as the correction of the 5 wave advance from 1.4410. The decline reversed at 1.5395, a level that is defended by the 3/19 low at 1.5459 and the 38.2% of 1.4410-1.6324 at 1.5367. Bigger picture, the decline from 1.6324 is probably a 4th wave within the 5 wave advance from 1.4162. Therefore, a 5th wave should complete the cycle. The minimum objective is above 1.6324. Risk is tight at 1.5395.
the various line on the chart are the various resistance we might meet
enjoy
oops i realise that i can not add the chart that i save well check cad/jpy daily chart and eur/cad 4hrs chart
patterns on differnt canadian dollar crosses indicate a high probability that the loonie will fall across the board let us take a look at the cad/jpy first
there have been series of lower lows and lower highs since the november 2007 top at 125.55
declines have occurred in 5 waves and advances have unfolded slowly as complex corrections (w-x-y). The trend is considered down as long as price is below 109.62. The minimum objective is below 95.68 but additional objectives are at 94.61 and 89.73 (Fibo extensions). but i will wait for a break 100.95 then i will pull the trigger.
eur/cad
The decline from 1.6324 (March high) in the EURCAD is viewed as the correction of the 5 wave advance from 1.4410. The decline reversed at 1.5395, a level that is defended by the 3/19 low at 1.5459 and the 38.2% of 1.4410-1.6324 at 1.5367. Bigger picture, the decline from 1.6324 is probably a 4th wave within the 5 wave advance from 1.4162. Therefore, a 5th wave should complete the cycle. The minimum objective is above 1.6324. Risk is tight at 1.5395.
the various line on the chart are the various resistance we might meet
enjoy
oops i realise that i can not add the chart that i save well check cad/jpy daily chart and eur/cad 4hrs chart
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