USDCAD: Correction Within Uptrend; Can We See 1.0600?!

USDCAD is in a pull-back mode from latest high which we think its just another correction within 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 current bearish reversal represents a corrective wave 4 that will look for a support around 1.0400-1.0430 region where previous broken high may become a good support. At the same zone we can also see a very typical 382.% Fibonacci retracement level from where we definitely expect to see a bounce. So for now pair remains in uptrend as long as 1.0240 is in place, but push beneath 61.8% retracement would already threaten the bullish view.

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