$USDCAD 1 Hour Elliott Wave Analysis 6.18.2014

USDCAD decline from 1.0960 stalled @ equal legs which we believe completed wave A of ( C ). Since then, pair has been trading sideways making marginal new highs and lows. We believe pair is doing an irregular wave B when 3 wave move up from 1.0837 – 1.0870 was wave (( a )) of B. Wave (( b )) was an Elliott Wave FLAT and completed with a marginal new low to 1.0831. We are expecting 3 waves higher in (( c )) to complete wave B. We have already seen wave ( a) of (( c)) up to 1.0875 and dip to 1.0844 completed wave ( b ). 50 fib of wave A comes @ 1.0898 and also coincides with 1.236 x ( a ) ext in (( c )) and is the ideal level to complete wave B before pair turns lower and resume the decline. Wave ( b ) of (( c )) can become a triangle as well but will not change the outcome.

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