Two reasons to consider the USDCAD in downtrend.

Two reasons to consider the USDCAD in downtrend.

1. This is last wave (Elliot Wave 5) of Basic Motive Phase.

2. Then here begin a first wave (Elliot Wave A) of Corrective Phase.

3. This is second wave (Elliot Wave B) of Corrective Phase.

Note: This wave have inside two Elliot Wave.

a) Bull Market Truncation (Red Color and Completed)
b) Elliot Wave Basic (Blue Color and not Completed)

4. This is corrective wave (Elliot Wave B) of Corrective Phase.

Note: This corrective wave has already started, missing the wave B (Uptrend) and C (Downtrend).

This is the SECOND reason to consider that the price will be BEARISH.

5. This is last wave (Elliot Wave C) of Corrective Phase.

This is the FIRST reason to consider that the price will be BEARISH.