The major (long-term) downtrend on the Canadian dollar (loonie) is still looking good, with the loonie approaching the Wave A (first wave) low of 0.77223 (August 2021) at the end of November. The loonie closed the month at 0.78249, just off the monthly low of 0.77907. Once Wave A is taken out Wave C (third wave) is expected to test the downside target of 0.75720, the 50% retracement level of the previous major uptrend from 0.68170 (March 2020) through the high of 0.83269 (June 2021).
