Elliott Wave Analysis: USDCAD Trading In A Temporary Correction
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USDCAD is trading bearish overall, but on 4h chart we see price rising. This rising price action may only be temporary, as we see price trading within a complex correction of wave 4. Ideally a double zig-zag pattern is in the making within wave 4, which may search for resistance near the Fibonacci ratios of 23.6 or higher near the 38.2. resistance zone. Previous swing high at 1.2414 and 1.2668 level can also offer resistance and turning points.
USDCAD, 4H
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