Canada is an oil exporting country, so oil prices are very correlated with the Canadian dollar.
I expect a rise in oil prices.
There is weakening in DXY (Dollar Index).
Under these circumstances, I do not expect USD/CAD to break the 1.32 level any time soon.
According to the elliot wave teory, there is a 5-wave rise towards the 1.32 level.
The price tested the 1.32 level by candlestick pins twice.
According to the Elliot wave pattern, the price must fall at least until the starting point of the 5th wave.
Sl level: 1.318
Take Profit 1: 1,298
Take Profit 2: 1.29
Take Profit 3: 1,283
I expect a rise in oil prices.
There is weakening in DXY (Dollar Index).
Under these circumstances, I do not expect USD/CAD to break the 1.32 level any time soon.
According to the elliot wave teory, there is a 5-wave rise towards the 1.32 level.
The price tested the 1.32 level by candlestick pins twice.
According to the Elliot wave pattern, the price must fall at least until the starting point of the 5th wave.
Sl level: 1.318
Take Profit 1: 1,298
Take Profit 2: 1.29
Take Profit 3: 1,283