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Chart of the Day:
Overall View: Bullish reversal
4 Hour Chart Flows: Mixed. Price Points: 1.0223, and 1.0412. Looking for: A temporary up-trend
Momentum: The cad trend moved Short on November 16th, and has been a roller coaster pattern ever since, with no real strength either way. The pair can be just as easily be bought as sold.
Elliott Wave: Usd/Cad moved 100 pips higher in the start of a new, temporary Long trend. Prices have broken through the upper resistance line of an ending diagonal, which usually signals that a pattern is complete. In this case, an up-trend should continue at least towards the 1.0412 region. Any break of that resistance area will suggest that even larger levels will be reached over the coming days.
This wee';s low at 1.0223 must hold, otherwise the wave count will be invalidated.
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Disclosure: Long USd