USD/CAD is trading nicely and bearishly today, now around the 1.3294 region. It looks like yesterday's Fed meeting put some bearish pressure on the pair. Regarding the current price activity we believe even more weakness may show up on the pair as price looks impulsive.
We are now tracking a five wave move to the downside, with a potential turning point around the 261.8 Fibonacci ratio. This Fibonacci projection target would act as a support and would signal a temporary correction to follow into wave 4.
USD/CAD, 4H
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