Time for a USDCAD flashback: the pair moved precisely into our expected resistance zone before reversing sharply. Let’s take a look at snippet from 5 days ago, 14th of November:
“USDCAD is nicely recovering after we yesterday spotted an intraday wedge pattern within wave (v) of an impulse,. So as expected, it can be now making a three-wave abc corrective rally, where wave (c) can retest 1.4060 - 1.4080 zone before a continuation lower”
Lo and behold, we hit the area and price is sharply pulling back!
Today, we can see how nicely the price has respected the area of resistance, and let’s take a look at what we’ve sent out as an update yesterday, 18th of November:
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“USDCAD hit the projected resistance for wave (c) of an abc correction, and it's now sharply back below channel support line, so bears are here, and we can expect more weakness, just be aware of intraday pullbacks”
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