1 hour cycle is bearish against the 7/14 highs at 1.3481, and 15 minute cycle remains bullish against 10/6/2016 low (1.195). Pair ended cycle from 3/14 low and while bounces stay below 1.297, pair has scope to turn lower again 1 more leg to correct cycle from 3/14 low before turning higher again. I prefer to stand on the sidelines.
1 hour cycle is bearish against 4/21/16 high (0.783) but it’s expected to break above it later. Near term, cycle from 5/9 low ended at .7635 , and while bounces stay below there, pair can turn lower to correct cycle from 5/9 low before the rally resumes.
USDCAD: 4 Hour cycle is bearish against 1/20 (1.469) while 1 hour cycle is bullish against 5/3 (1.2456). 15 minutes cycle is still bullish against 1/31 low (1.297) but expected to break below it. Near term, pair ended cycle from 5/5 peak at 1.316 and while dips stay above there, expect pair to bounce and correct cycle from 5/5 before turning lower again. I don’t...
