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.
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.
Gold looks attractive again. Check our latest chart HERE