USDCAD made a five-wave drop from the highs which in Elliott wave theory suggests the direction of the trend. We see pair going lower, but after a three-wave upcoming rally fully shows up. At the moment we see price recovering, unfolding a three-wave contra-trend reaction which can look for resistance and a turn lower around the 1.3224 level and near the Fibonacci ratio of 50.0 or 61.8.
A later drop in impulsive fashion would confirm more weakness.
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