USD/CAD Weekly Analysis

Fadi Steitie

By: Fadi Steitie

Just looking generally at weekly Ichimoku Averages, We notice an increase in Rate of Change indicator in the same time with a Double bottom trend action which indicate a change in trend direction. We notice also here a positive cross in Cloud (Kumo) 26 days above 52 days which gives a switch in momentum from negative to positive. Trend jumped above the cloud and bounce back for a correction reaching support level at 0.98665 (Black line). It still above the 26 days(Red) Kejun Sen and Chikou span (Past 26 days).

USD/CAD Weekly

If we look at more details in hourly chart using Elliott Waves counting, We notice a complete motive wave with a ZigZag correction reaching 0.618 Fib level which It shows an end of wave II and expecting a larger wave III on the way.

Summary:
Currency: USD/CAD
Trend Expected Direction: UP
Strategy: Elliott Waves
Description: End of Wave II with a ZigZag Correction reaching 0.618 Fibonacci Level with a drop in On Balance Volume Indicator. I expect wave III to start
Target Area: Open
Stop Loss: 0.98260

USD/CAD 10/31/11

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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