USDCAD turned nicely higher this week and it closed above 1.3075 which confirms a bullish price action in progress. Based on latest price action we see first five waves up in progress. It can be wave 1 which means that corrective pullback down in wave 2 can be seen this week. Ideally pair will retest 1.3040 support from where trend may continue sharply higher.

USDCAD, 4H
USDCAD, 4

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