Short term USDCAD Elliott Wave view suggests the decline to 1.2411 ended Intermediate wave (3) of an Elliott Wave impulse structure from 6/2 peak. Intermediate wave (4) bounce is in progress as a flat Elliott wave structure where Minor wave A ended at 1.2576 and Minor wave B ended at 1.2416. Minor wave C is subdivided as an impulse Elliott Wave structure. Up from 1.2416 low, Minute wave ((i)) ended at 1.253 and pullback to 1.2443 ended Minute wave ((ii)). Pair then rallied in Minute wave ((iii)) ending at 1.2593 and Minute wave ((iv)) pullback ended at 1.2355. Near term, Minute wave ((v)) of C is proposed complete at 1.2619, which also complete Intermediate wave (4). While bounces stay below 1.2619, and more importantly below 1.2683, expect pair to extend lower or at least pullback in 3 waves. We don’t like buying the pair.
USDCAD Hourly Chart