USDCAD turned lower this month and broke below two important 4H trendline supports, including the bullish channel and base channel lines, shifting the structure more bearish and opening the door for a higher-degree three-wave decline. The latest five-wave move down suggests sellers remain in control, but support may appear around 1.3967–1.4000, where a corrective recovery could begin. Ideally, we would see a bounce toward 1.4120–1.4160 before the downtrend resumes.
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