Commerce Concept: USD/CAD - Promote at 1.4065

USD/CAD – 1.3943

Recent wave: Only wave v of c has ended at 0.9407 and wave C of major A-B-C correction is underway for headway to 1.3200

Trend:  Up

Original strategy       :

Sell at 1.4065, Target: 1.3865, Stop: 1.4125

Position: –

Target:  –

Stop:-

New strategy             :

Sell at 1.4065, Target: 1.3865, Stop: 1.4125

Position: –

Target:  –

Stop:-

Although recent upmove is likely to resume after consolidation and near term upside risk remains for one more rise to 1.4010-20, loss of near term upward momentum should limit upside to 1.4065-70 and bring correction later, below 1.3900 would bring pullback to 1.3850-60 but reckon minor support at 1.3740-45 would limit downside and bring another upmove later.

In view of this, would not chase this rise here and we are inclined to sell on next upmove. Above 1.4110-20 would risk gain towards 1.4150 but still reckon upside would be limited and price should falter well below 1.4190-00 and bring a much-needed correction later.

To recap, wave B from 1.3066 is unfolding as an a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c is a 5-waver with i: 1.1983, ii: 1.2506, extended wave iii with minor iii at 1.0206, wave iv ended at 1.0781 and wave v as well as wave iii has ended at 0.9931, hence the subsequent choppy trading is the wave iv which is unfolding as (a)-(b)-(c) with (a) leg of iv ended at 1.0854, followed by (b) leg at 1.0108 and (c) leg as well as the wave iv ended at 1.0674. The wave v is sub-divided by minor wave (i): 0.9980, (ii): 1.0374, (iii): 0.9446, (iv): 0.9913 and (v) as well as v has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated target at 1.3200 has been met and further gain to 1.3700 would be seen later.

Commerce Concept: USD/CAD - Promote at 1.4065