USD/CAD 261.8% highlights a top
With the stalling in bullish price action close to the 261.8% extension level of 1.3488, it is likely that we have completed a bullish Elliott Wave count (5 waves). That would suggest that we are now in the corrective move lower.
However, the eight-hour chart clearly highlights a bullish Outside Candle, highlighting investor enthusiasm to still buy dips.
Breaking down into shorter time frames, there is ample to build a topping formation known as a Bat. This will complete close to 1.3491.
Today's point of control (PoC) is located at 1.3352 and is likely to catch any downside correction this afternoon.
However, the eight-hour chart clearly highlights a bullish Outside Candle, highlighting investor enthusiasm to still buy dips.
Breaking down into shorter time frames, there is ample to build a topping formation known as a Bat. This will complete close to 1.3491.
Today's point of control (PoC) is located at 1.3352 and is likely to catch any downside correction this afternoon.