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ImperialFXonline: Technical Analysis Report - USD/CADA-B-C correction unfolding from recent 0.9930 low
www.imperialFXonline.comThe usd/cad's strong rebound from 1.0246 reflects our view that the rise from the recent low of 0.9930 (April 21) is an A-B-C upward correction with the three-legged A-wave capped at 1.0739 and then followed by a sharp retreat in a B-wave to 1.0110 (above a confluence of a retracement and support level at 1.0101/03). The breach of the minor resistance at 1.0439 should be the signal that another upmove is unfolding as a C-leg up and a break of the resistances at 1.0539/71 will increase the bullish momentum and target further gains to the region of 1.0739-1.0780 first.
On the downside, below 1.0110 would shift focus to the stronger pivot found at 1.0013 and this should act as the last line of defence ahead of the 0.9930 low. Only a break of 0.9930 would extend the medium-term downtrend from the 2009 high of 1.3064 to 0.9880 (fibonacci retracement level) and then the chart support at 0.9819, however, a close below 0.9712 is needed for further losses to 0.9445 (projection objective) with the 2007 low of 0.9058 likely to remain intact with weekly oscillators being oversold. This bearish scenario will treat the decline which commenced at 1.0780 as the final leg down and is set to be followed by a strong short-covering rebound later this year.
The long-term downtrend from 2002 high at 1.6186 has formed a major low in 2007 at 0.9058 and the correction from there has either ended at 1.3064 (which would result in an eventual re-test of the 0.9058 low), or more likely, only the A-leg of an A-B-C move has been completed and present B-wave should be limited to 0.9712.Join Us and Strategize Your
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