USDCAD is coming down after only a three-wave rally to 1.2834 resistance that we see as a contra-trend move so more weakness is coming after breaking through 1.2600 support this week which can make a room for 1.2450 Fib. equality level, or possibly even lower prices if we consider a possibility of a completed higher degree wave 4) at 1.2964.
A break above 1.2812 and a move out of the downward channel will likely suggest temporary intraday bullish sentiment on USDCAD.
USDCAD 4h Elliott Wave Analysis
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