Elliott wave analysis: USDCAD In a Bullish trend
USDCAD may have ended a three-wave, A)-B)-C) correction within a bigger wave 2 at the 1.294 level, from where a new rise started developing. Rise is sharp and impulsive, so this suggests further upside, especially if 1.3330 are is out decisively.
On the 4h chart, USDCAD found some support and is now trading higher following the Sunday gap. But those gaps are usually filled, so ideally there will be another leg down within black wave 4 back to 1.3190 before real bullish move steps in for a recovery back to February highs. Trend, however, remains clearly bullish if 1.3104 remains in place.
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