A step back at the weekly shows that this decline in $cad is pulling back to Major support in the mid 1.06’s. This zone is where the dollar broke out of a major multi-year base and is also a strong Fib retracement zone as well. From a wave-perspective this pullback fits as wave-4 within a larger impulse that ultimately targets between 1.16 & 1.19. (weekly) S/t, the 4-hour chart shows an A-B-C decline to channel support as symmetry targets were met. Because the dollar downtrend persists, a move above 1.0823 and 1.0900 will be key to recognizing that a wave-4 low is in. For now, prices are resting at the Dec/Jan consolidation which ranges between 1.0738/1.0561. (240min) Conviction: Med Levels: Support – 1.0725, 1.0668, 1.0651 Resistance – 1.0753, 1.0776, 1.0819
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