$USDCAD: 1 Hour Elliott Wave Analysis

Triangle thrust in progress

Pair is nearing completion of wave (( a )) and should pull back in wave (( b )) after a marginal new high. Following wave (( b )) pull back, we expect the pair to trade higher toward 1.10 and may be even as high as 1.11 area to end a cycle. Hourly cycles are positive so we don’t like selling the pair in proposed wave (( b )) pull back at this stage.

 

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