Momentum in $CAD is at extremes which supports the idea that we are completing a larger degree wave-(3) rally. The target zone for this impulse starts at 1.1159 where wave-(1) (from .9633) is equal to wave-(3). The top end of the zone stretches to 1.1269. (daily) S/t, the hourly chart breaks down the latest rally from the wave-4 triangle and it appears that the uptrend is still incomplete. Waves-i-iii are done and once a small correction completes today we will look for another thrust higher to complete the 5-wave rally from 1.0950. Pullback support is the 1.1114 pivot and then a retracement zone between 1.1090/1064. (hourly) Conviction: Medium Trade: Flat. Levels: Support – 1.1114, 1.1090, 1.1064 Resistance – 1.1159, 1.1269, 1.17
Read the full report: USDCAD
Nomura