4 Sep 2013
Flash: USDCAD – elliott & fibos put uptrend in jeopardy - Nomura
FXstreet.com (Barcelona) - Downside calls in USD/CAD still make technical sense from and Elliott and sentiment standpoint, notes Nomura Rates/FX Team.
Key Quotes
"A textbook geometric pattern has so far halted the rally at the expected 1.0567 level."
"Possible double top at 1.0470; a decline through 1.0470/1.0445 will confirm that wave-(3) down to 1.0250 is underway."
"We have a bearish geometric pattern with matching .886 retracements. Because all degrees of trend are still positive and in order to negate a possible bull flag it is important now to wait for further confirmation of weakness through 1.0470//0445."
Key Quotes
"A textbook geometric pattern has so far halted the rally at the expected 1.0567 level."
"Possible double top at 1.0470; a decline through 1.0470/1.0445 will confirm that wave-(3) down to 1.0250 is underway."
"We have a bearish geometric pattern with matching .886 retracements. Because all degrees of trend are still positive and in order to negate a possible bull flag it is important now to wait for further confirmation of weakness through 1.0470//0445."