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Canadian Dollar Sharp Move Denotes 3rd Wave-Correction Expected

Canadian Dollar Sharp Move Denotes 3rd Wave-Correction Expected

2011-10-05 15:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Sharp Move Denotes 3rd Wave-Correction Expected

Prepared by Jamie Saettele, CMT

I wrote yesterday that “a move into the 10675-10700 area will complete a 3rd wave rally and give way to consolidation / weakness in a 4th wave.” The USDCAD reversed just shy of the cited objective but the implications remain. That is, expect several weeks and perhaps a month of consolidation / weakness in a 4th wave. Support is 10385.

Trend Strength (M,W,D) – 1, 2, 2

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