The USDCAD appears to be carving out some impulsive moves higher. This makes sense given that USOil has been slipping lower and appears poised to revisit 45/bl.
There is a cluster of wave relationship showing up in the 1.27 handle. If we successfully break above 1.28 (I’m showing a small degree false breakout zone of 1.2800-1.2820), then I’m eyeing 1.30-1.31. Above 1.28, prices should hold above the previous wave 1’s.
Due to the multiple wave relationships in the 1.27 handle, a dip to 1.2600 is higher probability. This would be a dip to buy and let the market dictate what happens from there from an Elliott Wave perspective.
The trade plan for the USDCAD is simple, buy a break above 1.2800 or a dip to near 1.2600.
Komen
norberg_dan
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Couldn't agree more Mr. Wagner! Im looking for a bigger move higher to the 140 to 142 level. Im long from 121.500 and again at 122 and 123. A dip to 126 i will be adding again, the wave point up. Add in the weakness of oil, the weakness of CAD economy and SSI growing more net short this has the makings of a great trade....
JWagnerFXTrader
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You've absolutely nailed it on this one Dan...well done! These trades can make the trading year. (By virtue of that comment, I'm not suggesting the USDCAD WILL continue higher...but simply multi-hundred pip moves create a large buffer in the account.)
norberg_dan
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added on 7-10 at 126.6 and 126.8, feeling pretty good right now. Dip back to 128.300 will be adding again...
JWagnerFXTrader
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NIIICCCEEE! Beautiful trade for you from the beginning to the scaling in.
norberg_dan
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As a newer trader of almost two years much i have learned is because of you and the monday opening webinar. I have been on a absolute tear this year and we have spoke about many of my trades. These would not have been possible if not for your help and guidance. Thanks so much!!!!
JWagnerFXTrader
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This move higher into 1.2800 is not looking real clean right now. We hit the false breakout zone without a clean impulse...be mindful that a dip to 1.2600 is still possible under the original chart pattern.
IvanLabrie
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I guess rates tomorrow will resolve this 4th.
JWagnerFXTrader
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UPDATE: With CAD employment a snoozer - still looking for a resolution to wave iv. Key levels in the original post are still on watch.