USDCAD Is Eyeing July 2023 Lows

22 Jan

USDCAD came sharply to the downside back in November and December of 2023, which looks like an impulse in 4h time frame, so more weakness can be seen until we see five subwaves down completed. Ideally, that's now a wave 4 rally from 1.32 that is already trading into 1.3450-1.350 resistance at the 38.2-50% Fibo., around the former swing low. Ideally market will resume lower from here, especially if rising trendline support from the low is broken. Then, weakness will resume into final wave 5. Confirmation is below 1.3340 region.