USDCAD Daily Chart – April 18, 2016
Looking at USDCAD, we observe that our targeted wave C of (A) is resisting to complete a clean 5-moves down. We can count 5 waves but the 5th one, red wave 5 is looking as an Ending Diagonal that needs not to break above the high of its inner-wave 2 at 1.3190.
USDCAD 4H Chart – April 18, 2016
In this 4h chart, currently we have a clear a-b-c structure from the lows and prices have re-set all their oversold levels. Ideally, the upper-bound of the channel should hold and we expect USDCAD to move down for the last time during this period.
Read our previous post on this pair: USDCAD: This Week’s Outlook