E USD/CAD Eyeing 1.315

USD/CAD is turning sharply down from a new high where we called a potential top last week after an ending diagonal in wave c of Y of B). So far we have seen an impulsive decline beneath the trendline of an upward channel which is an indication for a bearish turn. As such, we will look for more weakness in the next few days, maybe even weeks, especially after a rally into wave 2. At the moment we still see price sharply falling, unfolding final stages of a wave 1, with possible support near the 1.323 level.

USD/CAD, 4h

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