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Monday, February 27, 2012

USDCAD Update


On the 4hr chart we can see that we are still in consolidation mode and right now we are in the progress of a zigzag formation. wave c might equal 0.618 of a which is 1.0020/1.0030 area, or wave c might be equal or 1.618 the length of a. I think that the most probable scenarios is wave c to be  0.618 of a or wave c to equal a in which case we will reverse in the 1.0050/1.0060 area. There is a possibility that this zigzag might be followed by a second zigzag, but for now I am concentrating on the developments of the next 24 hour, so no matter what how it plays out, we will still have some retracement as soon as wave c terminates. Just keep in mind that with Crude Oil at $ 109, more upside in the pair is not feasible unless we have a sharp fall in Crude Oil prices.

Good Luck:)

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