USDCAD IS currently bearish on the 4Hour Chart. When I look at EW, USDCAD is on a bearish wave C, There is possibility of an uptrend if we break the 2 Hour Resistance area but for now if we break the current 4 Hour support zone, price has a potential to reach wave C which the target area. If the price goes beyond the the wave C target than we will have a strong bearish moment making the wave C become the wave 3.
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usdcad is failing to break the 2hour resistance , a close below 1.26000 will push this pair further down, I'm looking for a sell below that level but 1.25800 could prevent it from going further down. Since the trend is down usdcad might break that level.