CAD Overnight rates remain. AUD Consolidates back to 0.978 area
Pair may continue its correctional C wave. CAD seems to be regaining strength.
Note
BOC keeps Overnight Rate the same (0.5%) BOC assures that current monetary policy is appropriate, thus consolidating AUD while CAD regains its strength. Technicals suggest that the pair is exhausted, bounced of major trend with a Double top. Also broken HS pattern while On the C wave during an Elliot Wave consolidation phase.
SL just above intraday support and SMA 21 aided with ATR.
TP potentially around the High close of Wave 1. Conservative TP at the spike of Wave 1.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.