USD/CAD In Temporary Correction
Gregor Horvat | Mar 29, 2017 10:18AM ET
USD/CAD has turned nicely down from 1.3533, clearly with five waves, which is a structure of a bearish turn based on the Elliott Wave principle. As such, we will expect even more weakness since we know that impulses show direction, or change of a trend. If we are correct, then current bounce is a corrective move that may stop this week near 1.3440-1.3460 area. Invalidation level is at 1.3533; as long this one is not breached we can expect more weakness.
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