Bearing The Fruits Of USD/CAD’s Selloff
EWM Interactive | May 23, 2017 04:45AM ET
Earlier this month, on May 5th, USD/CAD fell just 7 pips short of the 1.3800 mark and it looked like it is only a matter of time before the pair breaches this round figure. Then, the bulls suddenly got tired and their next attempt to lift the dollar to a new multi-month high against the Canadian dollar failed, as well. Instead, USD/CAD plunged to as low as 1.3471 as of today, representing a 240-pip decline since our May 15th analysis was sent to clients with the chart below included.(some marks have been removed for this article)
stop-loss order for a short position. Here is an updated chart showing USD/CAD’s recent developments.
The U.S. dollar started losing ground against its Canadian counterpart almost immediately, so 1.3793 was never put to a test. Less than 2 weeks and 240 pips to the south later, we are now bearing the fruits of another opportunity provided by the Wave Principle. Many more will follow.
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