USDCAD Is Looking For More Weakness
Aug 5, 2022

USDCAD

Hello traders, today we will talk about USDCAD, in which we see pretty nice bearish development ahead of Canadian jobs data. We are looking for a minimum three-wave A/1-B/2-C/3 decline that can send the price at least back down to 1.26 – 1.25 area for wave C, if not even lower for wave 3.

USDCAD 4H+1H Charts
USDCAD 4H+1H Charts

However, before a continuation lower, be aware of a retest of 1.29 – 1.30 resistance area for wave B/2. So, maybe we will see some intraday spike up after the CAD employment report and then watch out for a bearish continuation within wave C/3.

Trade well!

Gold looks attractive again. Check our latest chart HERE

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