USDCAD made a sharp drop two days ago, which we now see it as the final piece of an extended impulse of blue wave three. If that is the case, then current drop can now face some limited downside near the Fibonacci ratio of 423.6 region and make a new three wave recovery higher in days ahead. Ideally we will see blue wave iv unfold a new minimum three wave rally to the upside, specifically to around 1.2943/1.3000 region, where former wave four consolidations can act as resistance and push price again lower into wave five of 3.
USDCAD, 4H
