Guest Commentary: USDCAD 200-pip Shocker! Squeezing Pips from a Maple Leaf!
* USDCAD has spiked the previous 98 low in a typically erratic correction but is 0.9715 enough?
Dollar Canada has broken down into the 0.9735-0.9710 target area to satisfy the downtrend...for now.
Having completed a trend sequence from the last leg of the triangle at 0.9920 it now has scope to recover initially to the 0.9785-95 region the previous corrective high and 38.2% and, after some 0.9715-95 consolidation and an attempt to regain 0.9840 in a larger correction to 0.9920.
Within the 'Maple Leaf Analogy' this places the Dollar on the equivalent of March 3rd 2012. We have therefore bought expecting 0.9715 to hold now for the start of a prolonged 0.97-1.00 consolidation phase. However as any loss of 0.9715 would open the ultimate 0.9675 early (the Equality target highlighted in the Daily perspective video), we will add to longs there with wide 0.9600 stops.
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