Nov. 12th – USDCAD

The recent impulsive move up seems to have broken our critical resistance by a few pips looking at the bar chart, that would invalidate our count we have been working with for some time.
As we are only talking about a few pips, In this case, I am moving to a line on close chart, to confirm that indeed ((4)) did enter the territory of ((1)). And it has not, so for now, I am keeping the current labeling as we had it so far. However there is not much room left to the top and we should see the reversal soon. If not, we need to start looking for an alternative labeling for this pair. Obviously the fact that prices are so close to invalidating our count does not boost our confidence in this labeling.
For now, we have to wait for confirmation and see the move up end before we can start looking for opportunities to trade this pair.