I wrote the last few days that “5 waves down from 1.2510 are probably complete so a correction, back to at least 1.1768 (former 4th wave price extreme) is expected. As the correction plays out this week, I’ll look to identify the top.” A top may be in place now as the rally from 1.1475 is corrective and the USDCAD reversed from the former 4th wave extreme (an Elliott guideline). A cautious bearish bias is warranted against 1.1791.
