The Canadian dollar was one of the strongest currencies yesterday, with USD/CAD falling sharply lower after a swing reversal from 1.0032 where we believe that wave (ii) reached a peak.
Notice that decline is very sharp, which also broke and closed below corrective channel and base channel support as well.
This is indication for a third wave price action of a new impulsive bearish sequence headed now to 0.9800 projected zone for the first impulse.
Guest post by Gregor Horvat
We are bearish while pair trades below 1.0032 swing high.
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