It is just sitting at the low. It is in a downtrend and fib wise it can extend down more. You see the daily divergence. the weekly shows more room down. Considering it did such a simple WXY 3 wave correction, I would expect it to at least do a running flat if it is going to plummet... But it may even go into a much larger corrective structure. I am not going to give a buy signal on it right now, I will just say what I said, and to watch that .618 fib extension level if it were to keep dropping. A flat correction could be a lot of pips..... The reason I say to note that fib extension is because that is a swing area from the move down from top that is also relative to the 27% extension of the simple 3 wave correction that it did, which only retraced 50% if I remember correctly, which is enough. it is at a point that it is possible it could pull up from right here, but there is no confirmation of any price reversal. And I did post my long term CXY analysis, but Cad does have a zone that it can correct further into. But wait for some sort of confirmation or watch those levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.