Hi traders,
USDCAD is recovering in a wave C as part of a bigger, bullish recovery. We know that wave C is a motive waves, so five legs are expected, before a top can be seen and a reversal may follow. Ideally some resistance and a reversal will follow from around the upper corrective channel line and near the Fibonacci ratio of 38.2. Also a drop in five waves, and below the 1.323 level would confirm a bearish continuation.
USDCAD, 1h
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