USDCAD
reversed sharply higher after poor Canadian data; Trade Balance -1.0B and
Employment -54.5K. Recovery on the intra-day chart from the low is quite sharp,
probably impulsive wave (i) which could slow down around 1.0220/30 area.
Meanwhile
we can also see that pair is testing falling trend-line on 4h chart connected
from March highs. Break and daily close above this trend-line will be bullish
signal for the next few days which will open the door for 1.0350. With that
said, long positions could be interesting next week, but after a minor
pull-back as shown on the hourly chart.
USDCAD 1H Elliott Wave Analysis-Chart
USDCAD 4H Elliott Wave Analysis Chart
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