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Elliott Wave Analysis: USDCAD Showing First Signs Of Weakness; Maybe Bears Can Take Over
On the Daily chart of USDCAD, we are looking at a seven leg correction that could be in final stages. That being said some weakness is already seen on lesser degree charts, which could mean a reversal may already be here. A new five wave movement into wave C or 3 may follow in weeks ahead.
Regarding the 4h chart, we can see that USDCAD made a sharp and swift move to the downside two weeks back after an ending diagonal formed in wave 5) that confirmed a top near 1.3790. A nice drop is now in play, currently in third wave of a decline that can be wave 3 or C, but in both cases there is room for 1.3525. That being said, if price keeps falling, then wave 3 can be in motion, which can ideally reach the Fibonacci projection ratio for 261.8.
Video analysis on EURUSD, GBPUSD, USDCHF, USDCAD and Crude oil