USDCAD Hits Support as Fed-Hawkish & BoC Cuts! Big Bounce Coming

9 Haz

USDCAD(USDCAD) is trading at the Potential Reversal Zone(PRZ)[1.3700 CAD-1.3620 CAD] and near the important Support line and Support lines.

In terms of Elliott Wave theory, it seems that USDCAD has managed to complete 5 main down waves and we can expect more up waves.

Also, we can see the Regular Divergence(RD+) between Consecutive Valleys.

I expect USDCAD to rise to at least 1.37860 CAD.

Fundamental View:

The Bank of Canada initiated its rate-cutting cycle, while the Federal Reserve remains firm with no immediate plans to ease.

Strong NFP data on Friday reinforced USD(DXY)strength.

Oil prices(BRENT) may offer temporary support to CAD, but macro divergences clearly favor the dollar.

Note: Stop Loss(SL)= 1.36110 CAD

U.S Dollar/Canadian Dollar Analyze (USDCAD), 4-hour time frame.

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10 Haz

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