usd-cad

Confidence in the extremely bullish count presented above is low because the correction (what would be the 2nd wave) failed to reach the area of the former 4th wave.  There are 2 ways to look at this.  Either the correction is not yet complete or the shallowness of the correction indicates that the pattern is extraordinary bullish.  Given the counts in the AUDUSD and NZDUSD, I favor the latter interpretation against 10550.  A drop below there would expose 10436. 

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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