We know that USDCAD is trapped in a two month consolidation pattern, probably a triangle. On the 1h chart we see price turning up now above the channel resistance line that puts wave D) in play for 1.3050-1.3080 area, where another and final pullback may occur down for wave E) to complete this very complex correction.
We see European stocks turning slightly to the downside today, most likely into a new corrective setback. DAX already lost 150 points, so we think that lower prices may also follow on the UK Index. From a technical perspective we see waves A down and B up to around 6660, from where price may turn down for wave C, third leg of a corrective retracement, that can be headed down to 6540 gap area to complete a contra-trend structure.
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