The Way it started falling suggest that we have completed bigger 1st wave from 1.3000 lows so prior which comes at 50% retracement zone 1.3135-1.3145 should be looked upon as halting zone. The fall has to be corrective sequence -meaning down -up, down a kind move to reach 1.3135-1.3145 zone.
Bang On Target- we picked this pair right at the bottom 1.2763. It has travelled quite a distance & I am immediately looking for 1.3029 least distance to travel or 1.3156 where the 3rd wave will equal 161.8% of the 1st wave.
USDCAD is giving an ABC correction and I would expect it to rise towards 1.3400 level as Wave C of the correction. Details are on the chart.
Its a corrective pattern in yet to complete 2nd Wave or a leading diagonal in A-wave of A-B-C sequence- In both cases, currently I am looking for a bounce in the zone 1.3200 to 1.3250. Regards, Abhishek H.Singh, CMT
Expecting a 5th wave in the range of 1.3280--1.3300..