USDCAD Looks For Support At 38.2% Fibonacci Level

USDCAD is making a deep retracement but still with three waves from the highs with current wave C) approaching to 38.2% Fibonacci level where it may complete a corrective fourth wave. Despite a strong bearish turn last week, we see big trend bullish, so we would not be surprised if pair will find support this week. Ideally, market will move back above 1.2400 that will put wave (5) in play for a new high. On the downside pair could be looking for a support at 1.1900-1.2000 zone.

USDCAD Daily Elliott Wave Analysis

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