USD/CAD – 1.3493
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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 1.4700
Trend:Â Near term up
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Original strategy      :
Bought at 1.3430, Target: 1.3590, Stop: 1.3370
Position: – Long at 1.3430
Target:Â – 1.3590
Stop: – 1.3370
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New strategy            :
Hold long entered at 1.3430, Target: 1.3590, Stop: 1.3410
Position: – Long at 1.3430
Target:Â – 1.3590
Stop:- 1.3410
Although the greenback retreated after rising to 1.3526 on Friday, as renewed buying interest emerged at 1.3411 and has rebounded again, retaining our bullishness for recent rise from 1.2969 to resume after consolidation, above said resistance at 1.3526 would bring retest of 1.3535, break there would extend the rise from 1.3223 towards previous chart resistance at 1.3599 later which is likely to hold from here.
In view of this, we are holding on to our long position entered at 1.3430. Below said support at 1.3411 would deepen our bullishness but only break of previous resistance at 1.3337 would abort and suggest top is possibly formed, risk weakness to 1.3300-10 but indicated support at 1.3262 should remain intact.
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 1.3700 and 1.4000 had been met and further gain to 1.4700 would be seen later.
