Home USD/CAD: 5-Wave Complete; A Pullback Next – Nomura
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USD/CAD: 5-Wave Complete; A Pullback Next – Nomura

Dollar/CAD is trading on high ground, at the 1.27 handle. It still hasn’t tackled the cycle high of 1.2834.

The team at Nomura foresees a pullback in their technical analysis:

Here is their view, courtesy of eFXnews:

USD/CAD rally is stalling at a confluence of resistance from March highs and symmetry targets, notes Nomura.

“The rally from 1.2128 to 1.2771 has met equality with the previous rally from 1.1929. This and the fact that 5-waves up has been satisfied suggests a pullback ahead. There is also proper RSI divergence between waves-3 & 5,” Nomura adds.

S/t, a pullback to 1.2531 would be ideal and meet pivot and Fib support. The 38.2% retracement aligns nicely with the previous wave-4 low so this level could mark a pullback low going forward,” Nomura projects.

 

USDCAD Elliott Wave Analysis Nomura July 9 2015 technical chart

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.