USDCAD is declining into a wave C) of C that is part of a bigger weekly triangle. We know that wave C) is an impulse therfore five legs within it must be seen, before a low can be put in place, and a reversal may follow, into a higher degree wave D. At the moment however, that is still not the case, as sub-wave 5 of C) is still unfolding and searching for support. Possible support is at 1.330/1.32 level. That said, a later rally in five legs of a lesser degree, and a break above the upper channel line will put a low in place for wave C), and suggest a higher degree wave D to be underway. Still, a three-wave move into D will be confirmed only above the 1.372 level.
USD/CAD, daily
