With oil output cuts extended, improving Cad economic data along with interest rate hikes before lagging ECB, this as a possible long term scenario. Potential zone at 1,43-1,40 will be key factor for reversal when the ECB tapering starts getting priced in. Should oil not play along then expect Cad to get weaker until Governor Poloz steps in. Max weakness will be seen at around the 1,55 -1,57 levels.
Medium term break of 1,4950 will invalidate a move up to 1,53-1,55 and instead see lower lows at 1,46 before any move up to new resistance at 1,4950
Further notes to be added as this progresses.
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Bearish Gartley on the 4hr Short entry possibility at 1,5320