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On USDCAD we are tracking an impulsive price action from around 1.0280. This is still incomplete as we need five waves to the upside.

In fact, during this week we have seen only a three wave set-back from the latest swing high which is a corrective structure, so we think that a larger uptrend will resume soon.

So, we labeled the current retracement as wave 4, which means that we expect another push higher, into wave 5 that will be targeting 1.0620/1.0650.

This bullish leg could start soon if we consider that the pair already reached a very typical 38.2% retracement area for fourth waves.

usdcad 29_2013 4h chart Elliott Wave Analysis for currency trading forex