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.
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.
Note
The Bullish cycle is confirmed by breach of 1.3407Which 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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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.