Bears Taking Over USDCAD – Elliott Wave Analysis

Technical analysis of Forex market

USDCAD made a firm decline below the lower corrective channel line connected from 1.3 level, which is a confirmation that corrective wave 4 of a bigger impulse is completed, and a five-wave move for a wave 5 underway. We are now tracking sub-wave iii of 5, which can take the price towards the Fib. ratio of 161.8 (1.311/1.309 area) in days ahead, and look for a minor corrective wave iv. That said, a break below the lower Elliott wave channel line for a wave 5 is another evidence that bears are on the move, and sub-wave iii underway.


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