USDCAD is making a sharp decline for the last few weeks, currently trading south within red wave v), which we now see it as the final piece of an extended blue wave three. If that is the case, then current drop can now face some limited downside near the Fibonacci ratio of 261.8%, so be aware of a new three wave recovery this week. Ideally we will see blue wave iv pullback unfold to the area of a former wave four, up to 1.2940 resistance.
USDCAD, 4H
