USDCAD has turned nicely down from 1.3533, clearly with five waves which is a structure of a bearish turn based on the Elliott Wave principle. As such, we will expect even more weakness since we know that impulses show direction, or change of a trend. That said, at the moment we see price making an intraday drop from around the 61.8 Fibonacci resistance zone, which could be the first sign for a completed correction. As such a breach beneath the 1.3368 level would be further evidence for more weakness to follow.
USDCAD, 1H
