USDCAD Elliot impulse wave formation

USDCAD

The oil dependant canada is nowdays struggling to recover as the oil prices are are at low level and currently trading at 20 dollar per barrel

*Which inturns its affects the CAD negatively

*Currently in USDCAD Elliot wave if forming, Wave 01 is completed and wave 02 is forming

*We can expect to close this wave at resistance level 1.42100 which is also a 61.8% Fibonacci

*From this level we can open short positions and the primary target would be 1.37270 which is a 1.272% Fibonacci

*And the final target would be 1.33280 which we are expecting the point where the wave 05 going to close

*Stop lose may placed above the 1.43050 level which is a 50% Fibonacci

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