Guest Commentary: MarketVisionTV - Hourly USDCAD - Why we are buying $CAD below 0.9800!
Dollar Canada remains in the final stages of the downtrend from the 1.0310 peak and more recently the 1.0050 fourth wave corrective high. Our long standing downside target has been at a larger C equals A objective of 97.60. We also know that fifth waves represent the final phase of trend before a major correction. Thus we are closely monitoring current price action for signs of a 5 wave trend sequence to exit short positions and venture long for a relatively quick return to fourth of a lesser degree of 1.0050. We have already overcome tight down channel resistance with the current consolidation in the 99.10 to 98.40 range. However, as the start of this move seems to have established some Elliott wave nesting with a wave 1 to 99.70 and wave i of 3 to 99.40, as the 99.05 to 99.10 pivot zone contains, we could still see a final new low at a 5 equals 1 target of 98.00 and possibly the 97.60 objective. Exit shorts and buy this dip or an upside break of 99.10.
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