Thursday November 29, 2007 - 04:45:31 GMT
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Daily Analysis for USDCAD
||While 0.9900-05 (max 0.9950-55) caps I feel the downside has more legs|
||Loss of 0.9946 and 0.9916 provoked losses down to just above the 0.9830 support from where we are seeing a correction higher. I suspect this will stall in the 0.9900-05 area and then cause additional losses to 0.9777-93 which I feel will provide a short term buying opportunity. Only an earlier break above 0.9905-10 would cause a sharper move higher towards 0.9950-55 and possibly back to the 1.0000-20 resistance.|
||Gains have reached the 1.0006-20 reserve target and we need take the next move carefully. Only above 1.0020 extends to 1.0138 initially. (28th November)|
||The decline down to just above the 0.9830 support is encouraging and while the 0.9900-05 resistance caps I still feel there is room for additional losses back to the 0.9839 low which should cause a small reaction before additional losses to the 0.9777-93 area. I suspect this will hold for a pullback higher. Thus only look for stronger losses on a break of 0.9770 which would then imply extension to 0.9683-00 at least. Next support is at 0.9617. |
||Does the 0.9999 peak constitute just part of the rally or a peak? Below 0.9883-0.9916 would confirm and suggest losses to 0.9608 and possibly 0.9528. (28th November)|
ELLIOTT WAVE COMMENTS
Now we face a small quandary. The 1.0020 level was a 76.4% projection in (or) Wave (v) while the 1.0006 level was a 223.6% projection in Wave (iii). It could therefore mean a pullback in a correction to the larger rally from the 0.9056 low or just a small pullback before additional gains in Wave (v).
Above 1.0020 extends to 1.0057 being a238.2% projection in Wave (iii) or to 1.0138 being a 261.8% projection in Wave (iii).
Any earlier move below the 50% pullback in A possible Wave (iv) 0.9617 would trigger a 50% pullback to 0.9528 at least.
Yesterdayâ€™s losses are encouraging and I feel a small Wave a will end around 0.9777-93 before correcting in Wave b.
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