USDCAD- In Serious Trouble Below 1.2965

UCAD was picked up right at the bottom in the zone 1.2790-1.2800 I was bit bullish on this pair till 1.3290-1.3300 but no issues got a good move till 1.3150's- very close to my target zone 1.3156.

But the recent session's move has shaken me- now going forward, we have to keenly watch whether 1.2965 marks is overlapped because as elliottcian it is one of the rules that 4th waves can never enter the 1st wave territory which is 1.2965- if this happens -market is an early indication that UCAD is in serious trouble & likely to fall more.

One thing to be taken care -we will get a pull back once overlap happens -that should be taken as an opportunity to join the sell camp.

I shall come up with my larger count once the overlap happens.

Regards,
Abhishek H. Singh, CMT

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23:15 Hrs-IST-4th Sep2016- Here is the clue for a commodity which is strongly linked to this pair- CrudeOil- Recent Up Move in Oil which I am expecting shall be correct as Canadian Dollar becomes more strong which was evident in last trading session.

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13:50 Hrs-IST-5th Sep2016- O- Overlap in place. If this pair is going down- oil is gonna go up.