Below is an update for NZDCAD active setup as of Oct 27, similar setup to what we present at Live Trading Room. The pair is showing a 5 swing Elliott wave sequence from 8/24 (0.8246) low, suggesting more upside is likely. Near term, while bounces stay below wave W at 0.9735, pair ideally makes another leg lower in 7 swing towards 0.9055 – 0.9156 area before turning higher again. If pair breaks above 0.9735, then the next leg higher to 0.992 likely has already started. We prefer to buy the pullback in 7 or 11 swing for another extension higher.
Stop loss: 0.888
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