This is a quick update on AUDCAD pair that we have been tracking since the end of May. (Watch previous videos here and here) Pair has already retraced 50% Fibonacci retracement (0.9747) of wave (W) and has enough number of swings in place to call wave (X) completed at 0.9757. We like staying short from 50 fib (0.9747) with a risk free position. Another high above 0.9757 can’t be ruled out in which case we think next area of interest to complete wave (X) and for sellers to appear again would be 0.9900 – 0.9996 and pair should then resume the decline as far as pivot at 1.0170 high remains intact.
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