josegarglex
Short

Two reasons to consider the USDCAD in downtrend.

FX:USDCAD   U.S. Dollar/Canadian Dollar
Two reasons to consider the USDCAD in downtrend.

1. This is last wave ( Elliot Wave 5) of Basic Motive Phase.

2. Then here begin a first wave ( Elliot Wave A) of Corrective Phase.

3. This is second wave ( Elliot Wave B) of Corrective Phase.

Note: This wave have inside two Elliot Wave .

a) Bull Market Truncation (Red Color and Completed)
b) Elliot Wave Basic (Blue Color and not Completed)

4. This is corrective wave ( Elliot Wave B) of Corrective Phase.

Note: This corrective wave has already started, missing the wave B (Uptrend) and C (Downtrend).

This is the SECOND reason to consider that the price will be BEARISH .

5. This is last wave ( Elliot Wave C) of Corrective Phase.

This is the FIRST reason to consider that the price will be BEARISH .
My reasons are much more simple , but confirm yours . I fully agree with you

Good luck !
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Thank you! And good trading
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Hi, appreciate your work. However, I disagree with you. According to your drawing, wave 4 overlaps with wave 1. Therefore, I don't think this pattern is applicable to Elliott wave. Furthermore, USDCAD has negative correlation with crude oil price. Crude oil is gonna drop and USDCAD will soon shoot up.
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josegarglex ganjingzhi
Thank you for your comments and good trading.
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