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20.04.201210:36 Forex Analysis & Reviews: USD/CAD Survey according to the Point and Figure Charting for April 20, 2012

Long-term review

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Technical summary:

We have seen a peak above minor resistance at 1.5415, but not yet a close above this minor resistance. So, we can not yet argue that wave (ii) ended at 1.5198. A close above 1,5415 on the 4-hour chart and more important a break above resistance at 1.5489 will confirm that wave (ii) has ended and that wave (iii) is developing. Short-term minor support is now found at 1.5320. If this support is able to protect the downside for the close above 1.5415 and more importantly the break above 1.5489, then we should look for wave (iii) higher towards at least 1.6668.

Trading recommendation:

We are long EUR from 1.5255 and will move our stop higher to 1.5275.

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