Two reasons to consider the USDCAD in downtrend.

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 .