$USDCAD Short Term Elliott Wave Analysis 01.15.2016

Short term Elliott Wave cycle suggests rally from wave (X) low at 1.38 is unfolding in a double three structure where wave W ended at 1.417, wave X ended at 1.406, and pair has resumed higher in wave Y towards 1.44 area or higher. Near term, rally to 1.431 ended wave ((w)), wave ((x)) pullback ended at 1.418, and wave ((y)) rally is in progress towards 1.443 – 1.452 area before a pullback in second wave ((x)) and then still another leg higher. While above 1.418, but more importantly as far as 1.406 pivot stays intact, expect the pair to resume rally towards 1.441 – 1.452 area.

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