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Friday November 9, 2007 - 03:47:02 GMT
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Daily Analysis for USDCAD

 

Price:                            0.9304

Resistance: 0.9336 0.9375 0.9401 0.9420
Support: 0.9280 0.9260 0.9229 0.9188

Hourly chart with indicators

Bias: Mixed – waiting for breaks but suspect the low is in place now

Daily Bullish: Yesterday wasn’t too much of a surprise and still maintain the prospect of additional gains – but we need to bide our time still as there is still risk that the correction can continue. Yesterday saw support at 0.9235 and this area is valid support. If it breaks there is still risk of deeper losses to 0.9155-88. While this supports we can still see the upside from there. Any earlier rally will need a break above 0.9336 and 0.9375 and this would raise the chances of a break through 0.9401 for 0.9464-99 & 0.9520.
MT Bullish: The spike bottom does suggest we should see further gains though we need confirmation which will come through a move above 0.9329, 0.9401 and 0.9456 to see 0.9520 at least – possibly higher. (8th November)
Daily Bearish: Losses did develop and remained just above the 0.9229 support. However, there has been no definite sign of additional gains and thus while 0.9336-75 caps we must be aware of the risk of additional losses. Below this morning’s low at 0.9280 would assist while below 0.9260 would confirm a retest of 0.9229-35 and possibly even as far as 0.9188 – max 0.9150. For now I think this will hold. Below sees further support at 0.9130 and 0.9080.
MT Bearish: Target met and now only below 0.9056 implies losses to 0.8956 and then nothing until 0.8868 and 0.8693… (8th November)

 

ELLIOTT WAVE COMMENTS

Elliott Wave Comments

8th November

The minor 76.4% projection at 0.9070 being was broken but the reversal from 0.9056 speaks for itself. While this should indicate further gains over the next week or two we should be prepared for corrections to the 50% and 61.8% retracement areas at 0.9229 and 0.9188 with pivot support at 0.9155. 

Back above 0.9401 would imply gains to the 38.2% expansion at 0.9456 and possibly the 0.9520 pivot area.

On the downside that I have to consider the weekly chart where a 161.8% projection in a Wave (c) comes in at 0.8956, a 166.7% projection at 0.8868 and a 176.4% projection at 0.8693.

Ian Copsey

 

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13:30 US- Housing Starts/Permits
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15:30 US- EIA Crude
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