USDCAD - Short
Reading the waves and Speed Index
1. Abnormal Speed Index of 14.8 = Sellers
2. Largest down wave with normal Speed Index = market agrees with move
3. 4. Large up wave but with high Speed Index 10.5 = Sellers
5. High Speed Index on the up move 8.0 = Sellers still forming but it looks like we are have a hard time to move up
Therefore Short
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