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楼主 |
发表于 2008-5-3 10:42
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Usd/cad
Hi guys,
As of late I havn't been able to get a clear picture of what's going on with the USD/CAD, as far as the daily time frame goes anyway. However, I do have a good idea of what's going on with the CAD/JPY. On 06November2007 CAD/JPY topped out and proceded to fall. The pattern that followed has been a very clear three wave correction. And as it is with corrections, the high that was made on 06November2007 will eventually be exceeded.
Just as CAD/JPY topped out at the beginning of November, USD/CAD bottomed the very same day. Neat huh? Obviously the two pairs are moving in tandem. Since we are looking for higher prices in CAD/JPY we are also looking for lower prices in USD/CAD.
Aside from Elliott Wave analysis, the daily chart of USD/CAD shows a couple of things: First, price is just points away from breaching a very strong support line. Second, a somewhat clear head and shoulders pattern has been formed.
All points to lower price in USD/CAD. Happy Trading.
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