USD/CAD – 1.0007

Recent wave:  Only wave v of c has ended at 0.9407 and A-B-C correction has possibly ended at 1.0658

Trend:  Near term down

New strategy  : 

Stand aside

Position: -
Target:  -
Stop:-

Although the greenback has rebounded again after falling to 0.9907 and consolidation with mild upside bias is seen for retracement of recent decline to resistance at 1.0052, break there is needed to confirm low has been formed and bring correction to 1.0100-10, however, reckon resistance at 1.0148 would hold from here and bring another decline later. 

On the downside, below 0.9950/55 would suggest the rebound from 0.9907 has ended and bring a retest of this level, once this support is penetrated, this would extend recent decline from 1.0524 in C wave to 0.9892 support, however, break there is needed to bring weakness to 0.9850 but oversold condition should limit downside to 0.9800 and risk from there has increased for a rebound to take place later this month.

To recap, early breach of 1.0108 signals the wave iv from 0.9931 has ended at 1.0854 or 1.0674 (with a short (c)), under this count, the wave v has commenced with minor wave (i) ended at 0.9980 and wave (ii) has possibly ended at 1.0287 with (a) at 1.0374, (b): 0.9977 and a short (c) at 1.0287, the breach of 0.9931 confirms wave (iii) is unfolding for weakness towards 0.9200-10 (50% projection of 1.0854-0.9446 measuring from 0.9914).