USDCAD reversed nicely higher from 1.0134
low where double zig-zag appears complete. The reason is sharp rise in the last
two trading days which clearly has personality of wave 3 of a new five wave
rally. The next important thing for bullish continuation is a broken trend-line
connected from latest high. As such, we think pair is headed higher, ideally
towards 1.0500 while 1.0240 level must not be breached. Why 1.0240? Because we
know that when black wave 4 pull-back will occur, prices must not retrace into
a territory of a wave 1.
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