USDCAD is still turning sharply down from a new high that was reached at the end of December near the 1.3600 level. This impulsive drop we labeled as an ongoing wave 1) or A) so more weakness with even stronger decline should follow after wave 2)/B) recovery, which can be now making an expanded flat correction based on recent rally to around 1.3354 level. If that is the case, then wave C of 2)/B) could ideally make a reversal lower around the 61.8 Fibonacci projection level.
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