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  4. USD/CAD Signal- July 18, 2012
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USD/CAD Signal- July 18, 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: Up
Method: Elliott Waves and Fibonacci Levels
Description: Trading with the crowd, Loonie has formed a double Zigzag after the first one failed to reach the target at 0.618 Fib level (1.0050)price point of wave (I). Waves (A)(B) has been completed and wave (C) with its minor waves iii & iv are still on progress toward expected target level. A break in support level at 1.01335 confirms the bearish outlook for the short term. However, I do suggest traders to sell a small lots at this level due to its risk level and complexity.
Recommendation:Sell
Target Area: 1.0050
Stop Loss: 1.01750

USDCAD Signal 71812

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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