USD/CAD is correcting lower, with a five-wave Elliott Wave structure likely completed at 1.4485. Speculation surrounding Trump’s inauguration and his softer approach to tariffs, hinted at in his recent call with Chinese President Xi, could drive US dollar selling.
Support Levels:
1.4445
1.4380
Resistance Levels:
1.4485
1.4560
Outlook:
Below 1.4445, the pair is likely to test 1.4380 as part of the correction. A break above 1.4485 invalidates this bearish view, shifting focus to a potential rally toward 1.4560.
#USDCAD #ForexTrading #TechnicalAnalysis #ElliottWave
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.