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May 30, 2009
My last post on the CAD I was calling for a rally up to 0.90USD. What I suspected to be wave 2 ended up being the final leg down for the decline. Amazingly, my Fibonacci target of 0.90 ended up being fulfilled even though the wave count was incorrect. June 30- July 7 are the important T+P confluence dates. Again on July,22 and 23 important time and price confluence dates arise. As for the rally, $97.19 remains the Fibonacci target, or 1.02 USD/CAD. A significant pullback in the CAD is expected from this level. At this time it is expected that this pullback would be corrective in nature and the longer term target for the CAD would be well above par with the USD.
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