USDCAD Forming a New Distribution Range
The price action of the USDCAD pair is developing a new Distribution range under the expectations of the Wyckoff Cycle theory.
The range spans between the 23.6 per cent Fibonacci retracement level at 1.27085 and the previous swing peak at 1.28500. This is further substantiated by the fact that the previous uptrend, taking the form of a 1-5 Elliott impulse wave pattern, is now completed.
The underlying setup looks favourable for the implementation of range-trading strategies.
The range spans between the 23.6 per cent Fibonacci retracement level at 1.27085 and the previous swing peak at 1.28500. This is further substantiated by the fact that the previous uptrend, taking the form of a 1-5 Elliott impulse wave pattern, is now completed.
The underlying setup looks favourable for the implementation of range-trading strategies.
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