Daily update for long term downtrend on the Canadian Dollar
USD/CAD has shown very impulsive moves up. Right now it is correcting. We have a typical Elliot Wave patterns, suggesting that first wave (blue 1) already finished and now we are correcting the first wave (black (1)) as part of larger third wave. The target for the end of the third wave is around 1.1650.
This analysis will be canceled on break below 1.0210 or if we don't get the bounce off the coming channel line next week.
Disclosure: Long USD/CAD
USD/CAD: Daily Update 18 Jun
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