After a freakish bull round from the USDCAD to create new 13 year highs. The bulls may be finally exhausted to allow the bears to take over for a while. Currently the pair sits at the 61.8% retracement level with oversold RSI levels. I expect the pair to retrace at this level for a 5 wave retracement down to 1.39 levels.
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As suspected, USDCAD followed a retracement and then reached lower lows.