Elliott Wave Analysis: USD/CAD Impulsively Declining

Published 01/26/2017, 04:03 AM

USD/CAD has turned sharply down from the highs that were reached at the end of December near the 1.3600 level. This impulsive drop we labeled as an ongoing wave 1) or A) so more weakness with even stronger decline should follow after wave 2) B) recovery, which can be making an expanded flat correction, now completed so be aware of a re-test of 1.3000 while market is below 1.3385.

USD/CAD, 4H

USD/CAD 4 Hour Chart

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