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  4. USD/CAD Signal Update June 25, 2012
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USD/CAD Signal Update June 25, 2012

By Fadi Steitie
Fadi Steitie
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.

Currency: USD/CAD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Follow up on my previous Canadian Dollar trade dated Jun, 18th Wave (A) in a falling complex correction has taken place at 1.04250 on Jun, 5th with a motive drop followed be a contracting triangle and wave (c) ended with a corrective expanded flat that hits 0.50 critical Fibonacci level at 1.02918 which could indicate to an end of wave (B) and open the way to unfold wave (C) in order to complete the pattern. I have changed the target to Open and Stop Loss to 1.03100. Let's follow the economic news and post target accordingly.
Recommendation: Sell & Hold
Target Area: Open
Stop Loss: 1.03100

USDCAD Signal 62512

Fadi Steitie
About 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.

 

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