ELLIOTT WAVE ANALYSIS: Bullish Correction Expected.

USDCAD made a sharp move, as expected, to form what it looks like completed wave 3(Brown) . A closer look at the RSI shows that the pair is oversold. This confirms that the formation of wave 3(Brown) is completed and the pair may undergo a short correction in the form of corrective wave 4. Thereafter, a pair may resume its downtrend. So traders are recommended to go short while keeping an eye on 1.3387.