Today can be a volatile day for USDCAD with an OPEC Announcement and Labor & Trade data from Canada.
My Wave counts on USDCAD that were previously published indicate that USDCAD is in a short term bearish cycle, doing a minor correction from 1.3435 highs.
We are still trading in the up channel, however recent attempts at breaking highs were stopped at 1.3406. For that reason a case can be made for a bullish or bearish view.
A break of the levels indicated on the chart will provide future direction from the pair. At the moment, there is no strong signal and prefer to remain neutral.
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The Bullish cycle is confirmed by breach of 1.3407 Which means the ABC structure is bullish and expected to take out previous highs at 1.3435. Will post a buy setup if we get a pull back going into next week.
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