USDCAD is reversing from the highs but it can be just another deep corrective retracement. Ideally price turned down into wave two that is already showing a corrective substructure on lower time frames. As such, market could turn bullish in days ahead but we need daily close above 1.1300 level to confirm further strength. Ideally however, pair will bottom somewhere between 38.2% and 50% Fibonacci retracement level.
USDCAD 4h Elliott Wave Analysis