USDCAD Short-term Elliott Wave Analysis 7.26.2016

Preferred Elliott wave count suggests that move up from 1.2828 low is proposed to be unfolding as a triple three structure. 1.2828 where wave ((w)) ended at 1.3139, wave ((x)) ended at 1.28579 and wave ((y)) higher is now in progress towards 1.3261 – 1.3317 area before pair pulls back lower in 2nd wave ((x)) to correct the cycle from 7/15 (1.28579) low and higher again in wave ((z)). We don’t like selling USDCAD forex pair in proposed pull backs as yet and favor another extension higher in 1 hour time frame as far as pivot at 1.2859 low remains intact during the pull backs.


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