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4 May 2015
USD/CAD holds the uptrend – Goldman Sachs
FXStreet (Barcelona) - The Strategy team at Goldman Sachs, note that USD/CAD tested and held the uptrend at 1.1958, with the pair now eyeing 1.2285 levels.
Key Quotes
“The market formed a hammer exhaustion on Wednesday and has since recovered sharply higher. It also retraced near 38.2% of the July/March rally at 1.1992. Momentum is finally stabilizing from very extreme levels.”
“Overall, it seems to low may be in for now. The next level to focus on is 1.2285 (the 100-dma and 38.2% retrace from Mar. 18th). Over time, 1.2495 seems feasible (61.8% retrace).”
“From an Elliott wave perspective, this looks like the beginning stages of a corrective process. Would ideally want to play the range between ~1.20 and 1.28 until further signal develops (an ABC or another 5-waves?).”
Key Quotes
“The market formed a hammer exhaustion on Wednesday and has since recovered sharply higher. It also retraced near 38.2% of the July/March rally at 1.1992. Momentum is finally stabilizing from very extreme levels.”
“Overall, it seems to low may be in for now. The next level to focus on is 1.2285 (the 100-dma and 38.2% retrace from Mar. 18th). Over time, 1.2495 seems feasible (61.8% retrace).”
“From an Elliott wave perspective, this looks like the beginning stages of a corrective process. Would ideally want to play the range between ~1.20 and 1.28 until further signal develops (an ABC or another 5-waves?).”