Canadian Dollar Bearish Interpretation Still Valid
Prepared by Jamie Saettele, CMT
The USDCAD has dropped below Elliott channel support but the 4th wave interpretation is favored as long as price is above the wave 1 high of 10007. Structurally, the decline from the top may be a double zigzag (2 zigzags) as the decline consists of 7 waves. 10230 and 10380 are short term resistance levels.
Trend Strength (M,W,D) – 1, 0, 0
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