USD/CAD Can Reach 7-Month Low (0.9800) Elliott Wave Analysis

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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