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USDCAD Rally Just a Correction
Thursday, 15 October 2009 22:59:12 GMT
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- Friday, 16 October 2009 16:40:51 GMT EURGBP Short Term Decline Overdone
- Thursday, 15 October 2009 21:11:29 GMT Daily Pivot Points
- Thursday, 15 October 2009 07:56:53 GMT EUR/USD Sell Recommendation Issued @1.5035 (Daily Classical)
- Wednesday, 14 October 2009 21:09:33 GMT Daily Pivot Points
- Wednesday, 14 October 2009 06:46:55 GMT Euro Surge Exposes Psychological Barrier (Daily Classical)
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- Tuesday, 13 October 2009 21:26:23 GMT Daily Pivot Points
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- Monday, 12 October 2009 21:00:42 GMT Daily Pivot Points
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Friday, 09 October 2009 01:07:54 GMT Dollar: Something Has to Give
- Thursday, 08 October 2009 21:06:02 GMT EURJPY Looks Constructive
- Thursday, 08 October 2009 21:01:54 GMT Daily Pivot Points
- Thursday, 08 October 2009 06:28:39 GMT Prospects Fade for USD Bulls (Daily Classical)
- Wednesday, 07 October 2009 21:47:48 GMT GBPUSD Triangle Pattern Before BoE
- Wednesday, 07 October 2009 21:07:26 GMT Daily Pivot Points
- Wednesday, 07 October 2009 06:41:58 GMT Euro Stops Narrowly Averted (Daily Classical)
- Tuesday, 06 October 2009 06:56:11 GMT USD Convictions Being Tested (Daily Classical)
- Monday, 05 October 2009 21:08:32 GMT Daily Pivot Points
- Monday, 05 October 2009 07:34:09 GMT Euro Short in Play @1.4625 (Daily Classical)
The USDCAD rally is probably just a correction. The decline from 1.0965 is viewed as the final leg of the decline from 1.3068. The decline divides into 7 sections (4 of which are down and 3 of which are up/sideways). The Elliott labels would be a-b-c-x-a-b-c whereas each a-b-c is a zigzag decline. The final wave (wave c) of the final zigzag is underway now. That wave subvides into what you see in the chart (i-ii-iii-iv-v). The minimum expectation is simply below 1.0200. Wave iv has reversed right at the 38.2% retracement of 3, which is reinforced by former resistance. Rallying above 1.0525 would be the earliest sign that a more important low is in place.
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