USDCAD – Lower in a 3 wave correction

by Admin

USDCAD – Although the pair posted morning gains sellers emerged close to 1.0200 (our sell trigger at 1.0190) with follow through selling resulting in the entire initial rally being overturned. We have stalled overnight but it is the rejection of gains that is the main focus today. Although we need to break 1.0148 to confirm the bearish momentum, the bias is to the downside with the prime target 1.0122. This call will be proved incorrect with a move through 1.0182. The profit targets are1.0148, 1.0122 and possibly 1.0100.