USDCAD: Patience will be the winner

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Most traders are anticipating the drop of the USDCAD in the broader perspective. I still think it is a little early for the USDCAD to drop, but only time will tell. For now we need to watch price retest the highs it made this past week. If it fails to form new highs then we can look for a short opportunity and hold it. I am expecting the price to at least get to the 71.8 fib level before reversing to match the AB leg, forming the CD leg with an bearish implusive wave.