USDCAD turned beautifully lower from the upper channel line, which was expected as we were tracking a bigger, complex pattern within higher degree wave B). Current turn lower, and break below the 1.3160 level is now a confirmation for more weakness to follow in a five-wave manner for wave C). That said, we also know that pullbacks may follow, so the next one can be wave 2 which can look for resistance around the 1.317/1.323 area.
Note
USDCAD broke nicely into new lows, however be aware of temporary support and bullish reversal near 1.2930 region. If we see a five-wave rally above 1.311 level then this could mean an interesting set-up to the upside. -->
US Single STOCKS (FREE Access), FX, Crypto
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Disclaimer
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.
US Single STOCKS (FREE Access), FX, Crypto
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Disclaimer
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.