The only sign of a pullback in $CAD is the triple RSI divergence on the hourly chart; this divergence has surfaced right at the May/June pivot level at 1.0944. We still view 1.06 as a major low as this just tested a multi-year breakout level. Pullbacks like the one we are expecting from current levels can be used to join a nascent uptrend. S/t, the Elliott count shows a complete impulse from the 23rd. Although the count is not crystal clear, it is often the case that triple divergences mark the end of an impulse. If indeed wave-(3) is done then a sharp wave-(4) could offer a long opportunity near 1.0850. Upside resistance is 1.0960/90 and support is 1.0870/50. Conviction: Med Levels: Support – 1.0813, 1.0797, 1.0739 Resistance – 1.0830, 1.0846, 1.0860
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