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Canadian Dollar Technical Outlook Canadian Dollar Technical Outlook
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Old 05-09-2008, 10:40 AM
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DailyFx is a veteran on the BabyPips.com Forums and is a great contributorDailyFx is a veteran on the BabyPips.com Forums and is a great contributor
Default Canadian Dollar Technical Outlook
It is time to turn bullish the USDCAD again.


The circled area on the chart is the advance from .9997, which is in 5 waves (view the rally on a 60 or 15 minute chart to view the rally in detail). This development is evidence that the drop to .9997 completed wave Y as a truncation. As such, a bullish bias is warranted against .9997. The minimum objective is above 1.0324.
STRATEGY: Bullish, against .9997, target above 1.0324
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