USDCAD 1 Hr
Most notably about the 1hr chart is that impulse "B" is greater than impulse "A" indicating strong bullish momentum still remains for further upside potential.
Knowing the fact we had a strong rejection following a test of just shy of the 1.40 handle, if price action is able to climb above that level, I would expect even further upside in the days ahead.
On the downside, before we see a possible impulse "C", I would expect at least a retracement back down towards the previous range of consolidation we had last week heading in the CPI report. This would mean a potential pullback towards 1.3830 - 1.3800. If we break below the 1.38 handle, I would be confident that an impulse "C" as illustrated on the chart won't be as likely.
The 1 hour chart did close out on Friday with a doji candle closing below the previous low.
Knowing the fact we had a strong rejection following a test of just shy of the 1.40 handle, if price action is able to climb above that level, I would expect even further upside in the days ahead.
On the downside, before we see a possible impulse "C", I would expect at least a retracement back down towards the previous range of consolidation we had last week heading in the CPI report. This would mean a potential pullback towards 1.3830 - 1.3800. If we break below the 1.38 handle, I would be confident that an impulse "C" as illustrated on the chart won't be as likely.
The 1 hour chart did close out on Friday with a doji candle closing below the previous low.
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