USD/CAD has been going up after the extensive downtrend move since May. Our trader at Forex All Stars (www.forexallstars.com) has noticed the divergence in RSI suggested that a bounce was due. However, this bounce should only be temporary since the Elliott Wave count is showing that it is only a retracement in wave 4. Therefore, another downside is expected to complete the 5 wave move down. For now, the area between fib 38.2 and the high of wave iv of wave 3 should provide some resistance. Any sign of rejection around that area should provide some opportunity for short position entry.
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