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)