With Canadian unemployment figures today, we could see a deeper correction.
Here is the technical picture:
Monthly: Inside the . This normally results in the lower timeframes having mixed and volatile trading.
Weekly: The medium-term outlook remains with the pair trading inside the Ending formation. posted an exhaustion 13 count at the low.
Intraday (four-hours) – We have rallied to the target of 1.2585. Commodity currencies have a tendency to stretch to the 423.6% extension of the first wave before a reversal is seen (correction). This is located at 1.2598 (from 1.2250-1.2332). We are holding in this zone. Bespoke support is seen at 1.2470
Intraday (30-minutes) – Forming and Ending with divergence, chart makes a higher high while the oscillator makes a lower high. On a break of 1.2570, the measured move target is 1.2492