This pair is still bullish. My previous thought of a further low or two is not the likeliest correction. Within Elliott Wave it could be forming a triangle here, with no low break, signalling a move up for the larger C wave towards 1.50x. Yesterday's daily candle is a good indication for a base being set up. If this triangle is to work out, we need to see c, d and e gyrations, no new low, and a strong move up, probably around Friday's CAD news.
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The idea is dead. Long live the idea.