We have 2 important news events for Canadian Dollar tomorrow on 12/08 2015 :
-Building Permits at 1:30 PM GMT(UK Time) / 8:30 AM EST
-Bank Of Canada Governor Stephen Poloz Speaks at 5:50 PM GMT(UK Time)/ 12:30 PM EST
Both news events should ideally bring some volatility into CAD pairs, so they could finally complete current cycles. In this blog we’re going to get a quick look at the forecast of $USDCAD.
As our members already know, Technical Analysis is always a step ahead of Fundamental Events and there is no way to make good trade decisions based on Fundamentals. Future path is already included in price action and reading the market through cycles, Elliott Wave patterns and correlation is the key of making profit in this business. So regardless of the result of this event, best reading of the cycles is calling for another extension higher in $USDCAD toward h4 equal legs area: 1.3489-1.3595 , while pivot at 1.3220 low stays intact and from this area we can see a 3 wave reaction lower at least in the pair
Note: all the labels have been removed from the $USDCAD chart analysis in order to protect clients privileges.
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