CADJPY: More Downside Could Follow

On the Daily chart of CADJPY we are observing an idea of a possible new bearish cycle taking place, after a sharp fall was made labeled as blue wave 1. This three wave move up we see as a corrective retracement in the A-B and C manner with possible reversal zones around 86.99-86.450, where Fibonacci of 61.8 can act as turning point and a resistance lower.

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