Elliott Wave Analysis: Bears On USDCAD Are Just Getting Ready; Buckle UP!
Gregor Horvat of Elliott Wave Service - InsideFutures.com - Tue Jun 18, 2:37AM CDT

Hello traders!

USDCAD is turning sharply down from a new high where we called a potential top two weeks ago, after a completed ending diagonal in wave c of Y of B). So far we have seen an impulsive decline beneath the trendline of an upward channel which is an indication of a bearish turn. As such, we will look for more weakness in the next few days, maybe even weeks, especially after a rally into wave 2 fully develops; resistance for wave 2 can be near Fibonacci ratio of 50.0/61.8 (1.341/1.347 zone).

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USDCAD, 4h

usdcad, 4h