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USDCAD is in a pull-back mode from latest high which we think is just another correction within a larger incomplete uptrend.

We are tracking an impulsive structure from 1.0134 that needs to be made by five smaller waves. For now that’s not the case so we think that the current bearish reversal represents a corrective wave 4 that will look for a support around 1.0400-1.0430 region where a previous broken high may become a good support.

At the same zone we can also see a very typical 38.2% Fibonacci retracement level from where we definitely expect to see a bounce. So for now the pair remains in an uptrend as long as 1.0240 is in place, but a push beneath 61.8% retracement would already threaten the bullish view.

USD CAD Elliott Wave 4 hour technical analysis for currency trading