USD/CAD: End of an Elliott Wave Cycle?

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USD/CAD: End of an Elliott Wave Cycle?

10:00 PM EST

USD/CAD Daily: Reached our bearish target at 1.1988

Trading idea: none

Technical Analysis: The pair seems to have completed an Elliott Wave patter coinciding with the 38% Fibonacci level. However the pair has broken below our key pivot levels trading below the Ichimoku cloud. The combination of the indicators gives us a mixed bias

What to look for: A break below 38% Fibonacci could open doors to further drops towards 1.17.

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.1988 1.22 1.26
1.1730 1.24 1.27