USDCAD Trend is Down against 9980

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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Trend is Down against 9980Prepared by Jamie Saettele, CMT

The multi month USDCAD range has been resolved to the downside therefore my bias is to the downside. Today’s advance off of GDP offers an opportunity to align with the larger downtrend. Resistance extends to 9925 and risk on shorts should be above 9980.

Bottom Line (next 5 days) – sideways/lower?

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