The USDCAD appears to have extended too far and is in a topping formation. I'm unsure if it is a long term top that marks the start of a resumption of the downtrend, or if it is just a short term pullback. So I placed the Fibonacci retracement levels in place for wave c to project a short term target area:
Shorted now at 1.3253
Stop loss at 1.3300
Profit target at 1.3205
PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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