In the USD/CAD pair, the 4-hour timeframe shows a bearish bias following a breakout from a rising wedge pattern. Additionally, a correction of 61% to 78% has been completed, suggesting potential downside momentum. The Elliott Wave analysis indicates a potential ABC pattern unfolding, further supporting the bearish outlook. Traders may consider short positions with caution, keeping an eye on key support levels for potential reversals.
In the USD/CAD pair, the 4-hour timeframe shows a bearish bias following a breakout from a rising wedge pattern. Additionally, a correction of 61% to 78% has been completed, suggesting potential downside momentum. The Elliott Wave analysis indicates a potential ABC pattern unfolding, further supporting the bearish outlook. Traders may consider short positions with caution, keeping an eye on key support levels for potential reversals.