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The Canadian dollar was one of the strongest currencies yesterday, with USD/CAD falling sharply  lower after a swing reversal from 1.0032 where we believe that wave (ii) reached a peak.

Notice that decline is very sharp, which also broke and closed below corrective channel and base channel support as well.

This is indication for a third wave price action of a new impulsive bearish sequence headed now to 0.9800 projected zone for the first impulse.

USD CAD Elliott Wave Analysis April 18 2012

Guest post by Gregor Horvat

We are bearish while pair trades below 1.0032 swing high.

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