USDCAD is in a major sideways corrective structure and I think it is not over yet. It seems like this pair is unfolding in the shape of an ending diagonal for wave C of wave Y.
I will be looking for a short opportunity for wave 4 of the ending diagonal. However this pair turns into a complex corrective combination and we therefore have to keep in mind that every single bearish reversal might turn into an acceleration lower.
That being said I expect a test of 1.358 zone first.
Updates will follow.
Daily outlook has slightly changed as can be seen by means of the chart below.
I will be looking for a short opportunity for wave 4 of the ending diagonal. However this pair turns into a complex corrective combination and we therefore have to keep in mind that every single bearish reversal might turn into an acceleration lower.
That being said I expect a test of 1.358 zone first.
Updates will follow.
Daily outlook has slightly changed as can be seen by means of the chart below.
Only once we break below wave (2) the ending diagonal scenario is off the table.