USDCAD – Corrective Pullback, But Looking to Buy (4hr chart)
After almost printing above the key level at 1.1670 that we’ve been talking about in prior commentaries, the USDCAD price action has formed a corrective pullback, only losing about 50 or some odd pips from the highs.
I’m expecting another leg up, so am looking to buy on a pullback into support. I’ll consider getting long at 1.16, or on a weaker (but deeper) pullback to 1.15/1.1533. Only a daily close below 1.15 weakens the ST bullish bias.
Upside targets are 1.1670 and 1.1850.
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