Currency: USD/CAD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Fibonacci trading, Momentum, and Golden ratios suggested that the falling complex correction in ABZ complex zigzag has room to fall further targeting 0.5 Fibonacci of the previous motive wave that started on April 27, 2012 at price 0.98022 and ended on Jun 3, 2012 at price 1.04428. In micro wave trend is heading toward wave v in C leg within larger (C) to complete a full cycle.
Recommendation: Sell and Hold
Target Area: 1.01455
Stop Loss: 1.0300
USD/CAD Signal- June 15, 2012
By Fadi Steitie
Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.