USDCAD came nicely to the downside, clearly with impulsive price action from the 1.4400 area, so it looks like the pair is now stabilizing a bit after a wedge in subwave five of an extended wave 3, from where we could see some further recovery, but only temporary pause. Thats actually not a surprise, because after five waves down in red wave (3), the market will normally make at least a three-wave retracement. So, ideally market is now in wave (4), which can still retest higher resistance with subwave C
But keep in mind, that wave four is part of a bearish impulsive sequence that remains valid as long as we trade below the 1.4154 invalidation level. Resistance is at 1.3870.
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