USDCAD Can Still Be In A Corrective Phase

Gregor Horvat

USDCAD is turning sharply down from recent highs, which could be start of a new bearish cycle. However, we will always try to label the count so that we will stay with a trend. As such, we adjusted the labeling to a flat in wave 4) which can still drop nearly 300 pips before market can be looking for a support. At the moment we are tracking sub-wave C to 1.2950. Ideally pair will turn up from that lower support line of a bullish channel. Invalidation level is at 1.2560; only drop beneath this figure would suggest that USDCAD found a top.

USDCAD, Daily (Count #1)

USDCAD, Daily (Count #1)