Elliott wave VIDEO Analysis: USDCAD Looking Bearish; 1.306 Area Can Be Targeted

Intermediate

Hi traders,

USD/CAD is dropping sharply from the 1.346 high, giving us an idea that a bigger three-wave rally within higher degree wave B) can be completed, and that a new minimum three-wave A/1-B/2-C/3 drop is in play. Current impulsive weakness can look for support near the 1.323 level, level of a former swing high from where corrective wave B/2 can follow. Once the following wave B/2 correction fully unfolds, that is when more weakness may be seen.

USDCAD, 4h

USDCAD Chart 2019-03-19

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