USDCAD turned beautifully lower from the upper channel line, which was expected as we were tracking a bigger, complex pattern within higher degree wave B). Current turn lower, and break below the 1.3157 level is now a confirmation for more weakness to follow in a five-wave manner for wave C). That said, we also now that pullbacks may follow, so the next one can be wave 2 which can look for resistance around the 1.316/1.320 area.
USDCAD, 4h
