USDCAD Short-term Elliott Wave Analysis 7.29.2016

Preferred Elliott wave count suggests that move up from 1.2828 low is proposed to be unfolding as a triple three structure where wave ((w)) ended at 1.3139, wave ((x)) ended at 1.2859 and wave ((y)) ended at 1.3253. Second wave ((x)) pullback is in progress to correct the cycle from 7/15 (1.2859) low towards 1.301 – 1.3056 area before turning 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.

11USDCAD 6020160728220649

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