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Trade Idea: USD/CAD - Hold short entered at 1.3135 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 17 17 14:37 GMT
USD/CAD - 1.3081

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

Original strategy       :

Sold at 1.3135, Target: 1.2975, Stop: 1.3120

Position: - Short at 1.3135

Target:  - 1.2975

Stop: - 1.3120

New strategy             :

Hold short entered at 1.3135, Target: 1.2975, Stop: 1.3120

Position: - Short at 1.3135

Target:  - 1.2975

Stop:- 1.3120

As the greenback has rebounded again after marginal fall to 1.3009, suggesting consolidation above this level would be seen but as long as indicated resistance at 1.3120 holds, bearishness remains for a test of 1.3000, below there would add credence to our view that the rebound from 1.2969 (last week’s low) has ended at 1.3212 and extend weakness to said support at 1.2969, however, break there is needed to bring further fall towards 1.2935-40 later.

In view of this, we are holding on to our short position entered at 1.3135. Only above indicated resistance at 1.3120 would defer and risk test of 1.3158, break there would bring retest of 1.3212, however, above there is needed to signal the corrective rise from 1.2969 low is still in progress for retracement of recent decline to 1.3240-50 and later 1.3270 but upside should be limited to 1.3300-10, risk from there is seen for a retreat later.

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.


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