U.S. Dollar moved nicely higher this week against the other major currencies, as the dollar index bounced powerfully higher from 200 SMA, discussed in the past post.

Our special focus is Usd/Cad, which moved for almost 400 pips higher since the past Friday, when unemployment data for U.S. and Canada were released. The pair reached 1.0500 resistance region over the past few sessions, from where a quite powerful reversal has been seen, as dollar was showing an extremely overbought picture across the board. In fact, even Asian stock market rose today, and slowed down the U.S. dollar gains.
It seems that oil also found temporary lows, around 75.50, and is driving the Usd/Cad lower. However, on oil we believe that an upward bounce is only temporary and that new lows will follow in the near-term. The Usd/Cad price action also suggests that the pair is currently trading only in a corrective pull-back, as we can count clear five waves up from 1.0107 region, which should be part of some lager bullish structure. If we get a nice clear three wave pull-back from the recent highs, then this should be a long opportunity. Personally, I would pay attention on 1.0250; blue wave (iv) zone.

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