It appears the the USD/CAD has top out this morning with a 5 wave move up of the red C of the black 4 on the 15 minute chart. This topping occurred at 7.45 am EST at 1.0581. I am now looking for a 5 wave move down with target levels of 1.0266 100% of the Black 1. green line on chart. 1.0149 Yellow line on chart 138.2% of the Black 1 and 1.0071 Red line 161.8% of the Black 1
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Looking at the USD/CAD I am expecting another move down soon. If we look at the 4 Hr chart with an Elliott Wave count the purple 3 in the lower right hand corner appears to have another move to the down side. From the purple 2 we have moved down is in 3 waves so far ( Numbered in Black) of which it should be moving up in an ABC fashion for the Black 4. Watch for a reversal pattern possible has high as 1.0580 which is a 50% retracement of the Black 2 to Black 3 move. If the low of the Black 1 is broke at 1.0670 it will invaild this count.
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Looking at the Eur/Usd I see the possibility of USD strength coming over the next couple of days. On the daily chart we can see divergence on the CAO, It is also lining up with what appears to be a small Head and shoulders pattern. With a break below 1.4040 level support can be see at the areas of 1.3880 and 1.3800and the targeted area for the possible Head and Shoulders would come in at around 1.3715.
