USD/CAD has turned nicely down from 1.3533, clearly with five waves which is a structure of a bearish turn based on the Elliott Wave principle. As such, we will expect even more weakness since we know that impulses show direction, or change of a trend. At the moment we see price trading around the 61.8 Fibonacci ratio, which is usually the resistance and reversal region for wave two correction, meaning more weakness could follow.

USD/CAD, 4H