USDCAD in flat correction, pending C wave down, as low as 1.17

USDCAD is most likely completing its B wave of a flat correction, and will soon reverse in a C wave. The divergence on MACD shows we have insufficient momentum to keep rising in wave 3 - so this is most likely a flat. Another possibility is that we are developing a rising 1-2-1-2 structure, but this will be clear once we see the nature of the downmove.

If the flat correction hypothesis proves true then the decline in C wave can be quite powerful, so this can be a good shorting opportunity for a month or so, which is OK because the swap is positive.

Note that this decline should correlate with Crude, so I also expect Crude to reverse (or to enter a deep correction up).

For USDCAD the remaining upward movement can be very limited as we already observe momentum exhaustion.