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USDCAD Could Find Support And Reverse

USDCAD in the almost completed 5 wave fall. We see more downside in the 5 wave. On larger time frame we are looking for a 3-3-5 flat corrective pattern. That means we will still stay bullish on this pair. In any case we will see 3 waves up after this fall completes.

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern :

USDCAD, 1h :

USDCAD, 1h