USDCAD preferred Elliott Wave view shows decline from 1.1843 high is taking the form of a 7 swing structure and expected to test 1.1729 – 1.1710 area before pair turns higher and resumes the rally. Worst case scenario would be a 3 wave bounce from 1.1729 – 1.1710 area but ideally we would expect the pair to make new highs and hence we would be buyers in the dips in 3, 7 or 11 as far as pivot at 1.1594 X low remains intact in our system. We don’t like selling the pair.
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