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Guest Commentary: USDCAD: The Maple Keeps Producing Pips!

Guest Commentary: USDCAD: The Maple Keeps Producing Pips!

2012-10-19 11:40:00
Ed Matts, MarketVisionTV.com,
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* The USDCAD remains within the 96.35-9885 prolonged consolidation before a likely marginal new low highlighted in the Daily perspective.

Guest_Commentary_USDCAD_The_Maple_Keeps_Producing_Pips_body_CAD1910.png, Guest Commentary: USDCAD: The Maple Keeps Producing Pips!

Since the 9885 peak the sharp drop to 9730 would suggest its only the first leg of a longer deeper retracement. However, representing 61.8% of the rally it seems and could just as easily remain be the first leg of a higher 9730-9885 consolidation range.

This is supported by the Maple Leaf analogy which suggests $ Canada is the equivalent of March 26th 2012 today and the three legged strong retest of the 9885 high a B wave.

Both suggest more consolidation and that the Dollar will therefore fade below 9800 for at least another failed attempt at the 9860-90 highs before another failed retest of the 9730 low.

Back in March this interim consolidation proved to be a B wave triangle that produced a final spike higher.. Then it hardly exceeded the equivalent of 9890…Should it spike above 9890 we would only expect 9915-40 before it breaks down through 9720 to test and spike the 9635 low. An erratic and difficult range market but one with plenty of opportunity

Further videos or commentaries are available from http://www.marketvisiontv.com or @EdMatts on Twitter.

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