USDCAD : Temporary Bearish Turn
Jan 25 2016
USDCAD reached new highs around 1.4700 last week where bears stept in and caused a strong bearish turn. Notice that move was sharp and it also extended much lower on Friday, which is an important evidence for a top in place as there was a bearish weekly candlestick formation. But it can be only temporary top if we consider that decline can unfold only in three legs that would represents then a wave four. However, no matter where the pair is headed long-term, for the short-term swings there is room for more downside in sessions and days ahead. Notice that current leg down is wave A, so more weakness to come after wave B rally.
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