USD/CAD bears are coming out of hibernation hungry!
Technicals:
*The 0.786% retracement was touched by a wick and immediately started dropping.
*A clear ABC correction unfolded within the channel.
*MACD/RSI are agreeing with elliot and fib.
A few different things can go down. Some who are bullish on this pair would recognize that after the large drop in 9-7-2017 we pushed up and came down to a 0786% retracement on january 2nd 2018 and starting going up to where we are now. The reason im bearish on this pair is because if this recent push was a 5 wave impulse to the upside we would be seeing much more momentum than what we are seeing right now. I believe we may have a 5 wave impulse to the recent low in 9-7-2017.
*The 0.786% retracement was touched by a wick and immediately started dropping.
*A clear ABC correction unfolded within the channel.
*MACD/RSI are agreeing with elliot and fib.
A few different things can go down. Some who are bullish on this pair would recognize that after the large drop in 9-7-2017 we pushed up and came down to a 0786% retracement on january 2nd 2018 and starting going up to where we are now. The reason im bearish on this pair is because if this recent push was a 5 wave impulse to the upside we would be seeing much more momentum than what we are seeing right now. I believe we may have a 5 wave impulse to the recent low in 9-7-2017.
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