Canadian Dollar Technical Outlook

US Dollar / Canadian Dollar

The speed of the decline from 1.1820 and the RSI extreme make it likely that the decline is a 3rd wave. I wrote yesterday to “favor a corrective rally to the 1.1180-1.1300 zone (Fibonacci and structural) before a drop to a new low to complete wave v of C.” There is potential Elliott channel resistance just above current price. Only a rally above 1.1475 would suggest to me that a bottom is in place.